find the compound interest on ₹5000 for 1 year at 8%per annum , compounded half-yearly
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Answer:
Step-by-step explanation:
the formula to find out compound interest for compounded annually is principal*(1+rate of interest/200)^2n
principal(p)=5000,time=1 years(n=1),rate(r)=8
amount=5000*(1+8/200)^2*1
= 5000*208/200*208/200
= 5408 rupees
compound interest= 5408-5000
= 408 rupees
hence the compound interest is 408 rupees.
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