6) The simple interest on a sum of money borrowed for 9 months at 8% per annum is 7.500 What will be the compound interest on the same sum at the same rate for the same period the interest is compounded quarterly?
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Find the amount and compound interest for Rs 7500 for 1 year at 8% per annum compounded half-yearly.
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As we know that,
A=P(1+
100
R
)
n
Here,
A= Amount
P= Principle =Rs.7500
R= Rate of interest =8%
n=1 year =2 half years
Therefore,
A=7500(1+
100
8
)
2
⇒A=7500(1+
25
2
)
2
⇒A=7500×
25×25
27×27
=12×729=Rs.8748
Therefore,
Compound interest =A−P=8748−7500=Rs.1248
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Answer:
the answer is 1248 rupees
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