2. Find the compound interest of 16000 at 10% for one and half years. Interest is compounded half yearly.
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Answer:
The required interest for half year is 1600 and for one year is 3200 .
Step-by-step explanation:
principle amount , P = 16000
rate of interest , r = 10% half yearly
Case 1 :
time , t = 1/2 year
interest , I = p× t× r / 100 = 16000×1×10/100
⇒ I = 1600
Case 2 :
time , t = 1 year = 2 half year
interest , I = p× t× r / 100 = 16000×2×10/100 = 3200
⇒ I = 3200
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