6. A man puts 2000 in a bank in a fixed deposit account for a year. The bank pays compound
interest at 8% per year, interest being payable half-yearly. Find the amount of money to the
man's credit after 1year.
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5
Answer:
= 2163.2
Step-by-step explanation:
assume that,
principal P = Rs 2000
given that,
rate of interest r = 8%
Time t = 1 year
To find ,
Amount of money credit after 1 year
Formula for compound interest, including principal sum is
A = P ( 1 + r/n )nth
in our given problem
P = 2000
r = 8% = 0.08
n = 2
t = 1 year
A = 2000 ( 1+0.08/2 ) 2×1
= 2000( 1+0.04 )² = 2000 × ( 1.04 )
A = 2000× 1.0816 = 2163.2
Amount he will get after 1 year
= 2163 . 2
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