find the compound interest on 1000at the rate of 8% per annum for 1.5 year when interest is compounded half yearly
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Answer:
compound interest = 1000×8×15/10
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Step-by-step explanation:
amount = p(1+R/2/100) to the power time
amount = 1000(1+8/2/100) to the power 2multiply 1.5
1000(1+4/100)to the power 3
1000(26/25)to the power 3
1000 mutiply 17576/15625
simplify the fraction then the answer will be
140608/125
1124.864
CI = A-P
CI= 1124.864-1000
CI= 124.864
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