compound interest on rs 24000 for one year at 6 percent per annum when compounded half yearly is
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Answer:
Rs 1461.6
Step-by-step explanation:
Given:
- Present value: Rs 24000
- Interest rate: r= 6% = 0.06
- Number of years: t= 1
- Number of compounding periods a year: n=2
Use formula:
Future value = Present Value*( 1+ r/n)^nt
- FV = Rs 24000 * ( 1+0.06/2)^2
- FV= Rs 24000 * (1.03)^2
- FV = Rs 24000 * 1.0609
- FV= Rs 25461.6
- Interest amount= Rs 25461.6 - Rs 24000= Rs 1461.6
Answer: interest amount is Rs 1461.6
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