Find the compound interest on Rs.50000 for 1 year at 8% per annum compounded half yearly.
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1
Answer:
CI is Rs.4080
Step-by-step explanation:
P= Rs.50000
R= 8 percent = 8/2=4 percent half yearly [ for half yearly we divide rate by
2]
T[N]=1 *2= 2 half years [for half yearly we multiply time
by 2]
therefore,
A=P[1+r/100]^N
= 50000*[1+4/100]^2
=50000*104/100*104/100
=5*104*104 [ 0's got cut by 100's zeroes ]
= 54080
CI=A-P
=Rs.[54080-50000]
=Rs.4080
Therefore,Compound Interest is Rs.4080
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