Calculate the amount and compound interest on ₹62500 for 1year 6 months at 8 percent annum compounded half yearly
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Answer:
Amount = ₹70304,, C. I. = ₹7804
Step-by-step explanation:
1) A = P [1+R/100]^t
2) 62500 [1+4/100]^3 { Time = 3 Half years = 1 year 6 month and Interest is compounded half yearly so 8/2 = 4 }
3) 62500 [ 26/25 × 26/25 × 26/25 ]
4) 4 × 26 × 26 × 26 = 70304
Hence Amount is ₹70304
5) C. I. = A - P
C. I. = 70304 - 62500 = 7804
Hence Amount = ₹70304 and C. I. = ₹7804
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