6) Evaluate using identity I 7) Calculate the amount and compound interest on 62,500 for 1 1/2 years at 8% per annum compounded annually.
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Solution
The correct option is C
₹ 7,804
Here, Principal (P) = ₹ 62,500; Time (n) = 3 [As
1
1
2
years has 3 half years in it)
Rate of interest (R) = 4% [rate of interest of 8% per annum is equivalent to 4% per half year, as interest is compounded half yearly]
Amount (A)
=
P
(
1
+
R
100
)
n
=
62500
(
1
+
4
100
)
3
=
62500
(
1
+
1
25
)
3
=
62500
(
26
25
)
3
=
62500
×
26
25
×
26
25
×
26
25
=
₹
70
,
304
Compound Interest (C.I) = A - P
= ₹ 70,304 - ₹ 62,500
= ₹ 7,804
Step-by-step explanation:
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