Find the amount and compound interest on ₹3000 at 12%per annum for one and a half years,compounded half -yearly.
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Answer:
Amount at the end of 1st yr:
Total amt = 3370.80
total interest = 370.80
CI at the end of 1st 6 months:
(3000 ×12%) / 2
=180
CI at the end of latter 6 months:
(3180 × 12%) / 2
= 190.80
Amount at the end of 2nd year's first 6 months:
Total amt = 3573.05
Total interest in year 2 = 202.25
CI at the end of first 6 months
(3370.80 × 12%) / 2
= 202.248
total amt at end of 1 and a half years = 3673.05
total interest at the end of 1 and a half years = 573.05
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