Find the compound interest on ₹2,50,000 at the rate of 8% per annum for 18 months, when the interest is compounded half yearly.
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Answer:
Rate=8%
T=
2
3
years
Principal=Rs. 1000
∴Rate=
2
8
=4%
Time=
2
3
×2years=3years
C.I.=P[1+
100
R
]
t
C.I.=1000[1+
100
4
]
3
=1000×
100×100×100
104×104×104
=Rs. 1124.864
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