Find the amount on Rs 20,000 for one year at 8% per annum, interest being payable half-yearly. *
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Answer:
As interest compounded half-yearly,
r=
2
8%
=4%,n=2×1=2
CI=P[(1+
100
r
)
n
−1]
⟹CI=1,20,000[(1+
100
4
)
2
−1]
⟹CI=Rs.9,792
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