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Question
Roma borrowed Rs 64000 from a bank for \[1\frac{1}{2}\] years at the rate of 10% per annum. Compute the total compound interest payable by Roma after \[1\frac{1}{2}\] years, if the interest is compounded half-yearly.
Solution
P = Rs 64, 000
R = 10 % p . a .
n = 1 . 5 years
Amount after n years:
\[A = P \left( 1 + \frac{R}{200} \right)^{2n} \]
\[ = 64, 000 \left( 1 + \frac{10}{200} \right)^3 \]
\[ = 64, 000 \left( 1 . 05 \right)^3 \]
= Rs 74, 088
Now,
CI = A - P
= Rs 74, 088 - Rs 64, 000
= Rs 10, 088
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