Find the compound interest on Rs 160000 for 1 year 6 months at 10% per annum compounded half yearly
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Answer:
Given Rate = 10% annum
= 5% per half year
time = 2 years = 4 half year
Amount =P(1+
100
R
)
n
=160000(1+
100
5
)
4
= Rs. 194481
Compound Interest = Amount - Principal
= 194481 - 160000
= Rs. 34481
Explanation:
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