Find the amount and compound interest on 31250 for 1 year at 8% pee annum compounded half yearly.
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Here, P = $ 8000, R = 5 % per annum and n = 3 years.
Using the formula A = $ P(1 + R/ 100)ⁿ
amount after 3 years = $ {8000 × (1 + 5/100)³}
= $ (8000 × 21/20 × 21/20 × 21/20)
= $ 9261.
Thus, amount after 3 years = $ 9261.
And, compound interest = $ (9261 - 8000)
Therefore, compound interest = $ 1261.
Using the formula A = $ P(1 + R/ 100)ⁿ
amount after 3 years = $ {8000 × (1 + 5/100)³}
= $ (8000 × 21/20 × 21/20 × 21/20)
= $ 9261.
Thus, amount after 3 years = $ 9261.
And, compound interest = $ (9261 - 8000)
Therefore, compound interest = $ 1261.
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