Find the compound interest on ₹16000 at 6% per annum for 2 years 6 months, interest compounded yearly
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Step-by-step explanation:
If interest is compounded half yearly, rate of interest = R / 2 and A = P [ 1 + ( {R / 2} / 100 ) ]T, where 'T' is the time period. For example, if we have to calculate the interest for 1 year, then T = 2. For 2 years, T = 4.
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