find the amount which will be obtained on a principal of rs64000 for 18 months at 23÷2% per annum, interest being compounded half yearly.
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Answer:
Step-by-step explanation:
As we know that Amount = P(1 + R/100)^year
Where, P = principal amount ie ₹64000
R = Interest rate ie 23/2, but as we take it as half yearly basis
we should divide rate also by 2 so, it’s 23/4.
So, amount we will get after 18 months
Amount = 64000(1 + 23/400)^3
Amount = 64000(423/400 x 423/400 x 423/400)
Amount = 423 x 423 x 423/1000
Amount = 75686.96
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