Arif took a loan of ₹ 40000 from a bank. If the rate of interest is 8% per annum compounded annually:
i) Find the amount after 6 months if componded half yearly?
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Answer:
Principle=Rs.40000
rate of interest for annum=8%
rate of interest for half yearly=4%
amount after months
n=
principle:
A=P(1+R/100)^n
=40000(1+4/100) ¹
=40000X(104/100)
=400X104
=Ra. 41600
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