if the interest is compounded half yearly calculate the amount when the principal is rupees 7400 the rate of interest is 5% and the duration is 1 year
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It is given that
Principal (P) = 7400
Rate of interest (r) =5%
Period (n) = 1 year
We know that
A = P(1+r/(2×100))
2×n
Substituting the values
=7400(1+5/200)
2
By further calculation
= 7400×205/200×205/200
= 7774.63
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