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Question
What sum of money will amount to Rs. 27,783 in one and a half years at 10% per annum compounded half yearly ?
Solution
A = `P( 1 + r/[ 2 xx 100 ])^( n xx 2)`
⇒ `27,783 = "P"( 1 + 10/200 )^(3/2 xx 2)`
⇒ `27,783 = "P"( 21/20 )^(3)`
⇒ P = `"27,783(20/21)^3`
⇒ P = 24,000
The sum of Rs. 24,000 amount Rs. 27,783 in one and a half years at 10% per annum compounded half yearly.
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