Find C.I. on Rs 25,000 for 2 years at 20% per annum compounded annually.
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Simple interest formula
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As we know,
⇒ A = P [1 + (r/100)]t
∵ The interest being compounded half yearly,
⇒ r = 6/2 = 3% and t = 2 × 2 = 4
⇒ A = 25000 × (103/100) × (103/100) × (103/100) × (103/100) = Rs. 28137.7
Compound interest = A – P = 28137.7 – 25000 = Rs. 3137.7
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