Find the compound interest if principal is equal to 31250 rupees, time equals to 3/2 years and rate is equals to 8% compounded half yearly
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Answer:
8116
Step-by-step explanation:
compound interest formula is A=p(1+r/100)^n
a=p(1+8/100)³
a=p(108/100)³
a=31250(108/100)³
a=39366
we know that I=a-p
I=39366-31250
I=8116.
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