12. How much would a sum of Rs 16,000 amount to in 2 years at 10% per annum if the interest
is compounded half-yearly
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Answers
Answered by
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Step-by-step explanation:
Given:-
Sum, P=Rs.16000
Rate of interest =10% per annum
Time =2 years
Since the interest is compounded annually.
Therefore,
R=
2
10
=5%
n=4
Now, as we know that,
A=P(1+
100
R
)
n
∴A=16000(1+
100
5
)
4
⇒A=16000×(
20
21
)
4
⇒A=16000×
160000
194481
=Rs.19448.1
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