David deposited a sum of 6250 in the ICICI Bank for 1 year, compounded half-yea
at 8% per annum. Find the compound interest he gets.
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Answered by
23
Answer:
Rs.510
Explanation:
Principal (P) = Rs.6250
Rate (R) = 8% per half year
Time (T) = 1 year
Amount (A) = P (1 + R/100)^T
A = 6250 (1 + 8/200)^2
A = 6250 (26/25)^2
A = 6760
Hence, Compound interest = A - P = Rs.(6760 - 6250) = Rs.510
Answered by
11
Explanation:
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