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Question
Find the amount and the compound interest on the following :
Rs.15000 for 2years at 8% per annum compounded semi-annually.
Solution
Rs.15000 for 2 years at 8% per annum compounded semi-annually.
Here P = Rs.15000, t = 2 years, r = 8%
Since interest is compounded semi-annually, so
Amount
= `"P"(1 + "r"/100)^(2"t")`
= `15000(1 + 8/200)^4`
= `15000(26/25)^4`
= `15000 xx (26)/(25) xx (26)/(25) xx (26)/(25) xx (26)/(25)`
= 17547.88
Hence, Amount = Rs.17547.88
Also, C.I.
= A - P
= Rs.17547.88 - Rs.15000
= Rs.2547.88.
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