find the ammount and the compound interest on rupees 8000 for 1¹/²years at 8% per annum compounded half yearly
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When compounded half-yearly, the rate is halved and the time is doubled.
Principal (P) = ₹8000
Rate (R) = (8÷2)% = 4%
Time (n) = 1½ years = (3/2 × 2) years = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = ₹8000 (1 + 4/100)³
=> A = ₹8000 (26/25)³
=> A = ₹8998.91
Compound Interest = A-P = ₹8998.91 - ₹8000 = ₹998.91
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