If rs 12000 is lent at 10% pa compound interest compounded half yearly for one year.What is the equivalent simple rate of interest fpr year for same interest
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it's nice question......
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On calculating the compound interest through the given principle and the rate of interest using the formula CI= (P+ R/100)n,
The value comes approximately to Rs 680.
Therefore, assuming the rate to be 10% as per the value is given in the question, the calculation is done half yearly which comes to 5%.
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