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Question
What sum of money will amount to Rs 15,746.40 at 16% p.a. compounded half-yearly?
Solution
P =? ; A= Rs 15,746.40 ; t = `1/2` years ; r = 16 %
`"A" = "P" (1 + "r"/100)^"n"`
Rs 15746.40 = P `(1 + 16/100)^(1/2)`
Rs1 5,746.40 - P `(1 + 1/2 xx 16/100)`
Rs 15,746.40 = P x 1.08
P = Rs `15746.40/1.08`
P = Rs 14,580
Hence, the sum of money will be Rs 14,580
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