Find the amount on 5000 at 15% p.a for 1.5 years
comounded interest recokned semi-annually
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Answer:
₹6211.48
Step-by-step explanation:
When compounded semi-annually, the rate is halved and the time is doubled.
Principal (P) = ₹5000
Rate (R) = 15/2 %
Time (n) = (1.5 × 2) years = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 5000 (1 + 15/200)³
=> A = 5000 (43/40)³
=> A = ₹6211.48
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