Calculate the amount & C.I on Rs 16,000 for 1yr at 15% p.a compounded half yearly.
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Answer:
Formula for compound interest half yearly = P(1+R/200)^2T
= 16000(1+15/200)^2
= 16000(1.075)^2
= 16000 * 1.155625
= Rs. 18490
Then, interest = 18490 - 16000 = Rs. 2490
Final Answer :
Amount = Rs.18,490
Interest = Rs.2490
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