find the compound interest when principal is 2,000 rate is 20% per annum and time is 2 years 3 months
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The time period after which the interest is added each time to form a new principal is called the conversion period. When the interest is compounded half yearly, there are 2 conversion period in a year each after 6 months. In such situations, the half yearly rate will be half of the annual rate.
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