find the compound interest on Rs 20000 for 3/2 years at the rate of 12percent
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Rate of interest 12% yearly or half yearly or quarterly or monthly ? Not mention
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rate =12 percent
time =3/2=1½
amount=p(1+r/100)^t
=20000(100+12/100)^1
= 20000*112/100
= 200*112
= 22400
simple interest = p*r*t/100
= (20000*12 *1/6)/100
= 200*2
= 400
total amount =22400+400=22800
compound interest = amount-principal
= 22800-20000
= 2800
I think is it helpful.
this annual compound interest
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