Find the amount and compound interest on 1800rs compounded annually the rate being 7 % , 12% 14%
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Step-by-step explanation:
P=Rs.12800
Period =1 year
∴Half yearly periods N=2
Rate of interest =7
2
1
=
2
15
%p.a
∴Half yearly interest =
2
1
×
2
15
=
4
15
%
A=P(1+
100
R
)
N
=12800(1+
100
15/4
)
2
=12800(
400
400+15
)
2
=12800×
400
415
×
400
415
=Rs.13778
Compound interest =A−P
=Rs.(13778−12800)
=Rs.978
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