Find the compound interest on Rs. 15,600 for 1 year at 16 % per annum, when the interest is compounded half yearly.
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Answer:
p = 15600
n = 1 year
r = 16%
so as per condition
compounded half yearly we get
n =2n =2 half year
r = 16/2 = 8%
we all know
A = p (1 + R /100)n
A = 15600 ( 1 + 8 /100)²
= 15600 (108 /100)²
= 18195.84
C.I =A -p
=18195.84 - 15600
=2,595.84
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