A sum of 20,000 is invested at a rate of 9% compounded annually. Find the amount after one and a half years
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To find compound interest when interest is compounded half-yearly we use formula
A=P(1+2r)2n
Here, P=Rs.12000,r=10% and n=1.5 years
Hence,A=12000(1+0.05)3
A=12000×1.157625
A=Rs.13891.5
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