Find the compound interest that Madan will get from a company on his fixed deposit of 6000 after 1½ years at 10% p. a., if interest is payable half - yearly
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Answer:
₹945.75
Step-by-step explanation:
When compounded half-yearly, the rate is halved and the time is doubled.
Principal (P) = ₹6000
Rate (R) = (10÷2)% = 5%
Time (n) = 1½ years = (3/2 × 2) years = 3 years
Amount (A) = P (1 + R/100)ⁿ
=> A = 6000 (1 + 5/100)³
=> A = 6000 (21/20)³
=> A = ₹6945.75
Compound Interest = A-P = ₹6945.75 - ₹6000 = ₹945.75
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₹945.75 is the right answer
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