Find the compound interest and the amount on rs 1000 at 20 percent per annum for 18 months compounded half -yearly
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Step-by-step explanation:
When compounded half-yearly, the rate is halved and the time is doubled.
Principal (P) = ₹1000
Rate (R) = (20÷2)% = 10%
Time (n) = 18 months = (18/12 × 2) = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 1000 (1 + 10/100)³
=> A = 1000 (11/10)³
=> A = ₹1331
Compound Interest = A-P = ₹1331 - ₹1000 = ₹331
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