Find the compound interest on 2000 at the rate of 10% per annum for 18 months when interest is compounded half-yearly.
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Answer:
CI = 315.25
Step-by-step explanation:
P = 2000, R = 10%, N = 18 months(3/2*2)
CI = P (1+R)-P
= 2000 ( 1+0.1/2)^3 - 2000
= 2000(1.05)^3 - 2000
= 2315.25 - 2000
CI = 315.25
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