Find the amount and the compound interest on ₹8,00,000 for 2 years at 10% per annum compounded half yearly.
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Answer:
The compound interest is Rs 1,72,405.
Step-by-step explanation:
P=Rs.8,00,000
R=10%p.a
n=2 years
A=P(1+R/2 X 100)²ⁿ
= Rs 8,00,000 x(1+10/2 x 100)² ˣ²
= Rs 8,00,000 x(1+1/20)⁴
= Rs 8,00,000 x (21/20)⁴
= Rs 5 x 194481
= Rs 9,72,405
The compound interest=Amount - original principle
=Rs 9,72,405 - Rs 8,00,000
= Rs 1,72,405
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