at what rate of interest p.a compounded half yearly will rs 50000000 amount to rs 60775312.50 after 2 years
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Answer:
Rate (r)
Where: r = n[(A/P)^1/nt - 1]
Total A = P+I = 60,775,312.50
Principal (P) = 50,000,000.00
Compounding Semi-Annually (2/Yr)
n=2
Time (t in years) = 2
Put the values in the above formula
We get
r = 10% per year
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