Find the compound interest on ₹14000 for 1½ years at 12% per annum, if the interest is compounded half-yearly
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Sum (p)=Rs.12000
Rate of interest =14% per annum
Time =1 year
Since the interest is compounded half yeary.
Therefore,
R=214=7%
n=2
Therefore,
A=P(1+100R)n
⇒A=12000(1+1007)2
⇒A=100×10012000×107×107=Rs.13738.8
Therefore,
Compound interest =A−P=13738.8−12000=Rs.1738.8
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COMPOUND INTEREST: Rs.1738.8
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