If the interest is compounded half yearly find the compound interest on sum on 18500 at the rate of 40% per anum for 18 months
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Answer:
Rs. 32264
Explanation:
A = P(1+r/100)^n
= 18500(1+40/100)^3. (12mnths+6mnths)
= 18500(7/5)^3
= 148 × 343
= Rs. 50764
C.I. = A - P
= 50764 - 18500
= Rs. 32264
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