If the simple interest on rs200 for 2 months is rs2, then find the compound interest on rs.27500 for 1 year at the same rate of interest compounded semi-anually
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Answer:
SI = PNR/100
2 = 200*2/12*R/100
R = 6%
A = P(1+R/100)^N
N = 2, R = 6%/2 = 3%
A =200(1+3/100)^2
A = 212.18
So CI = A - P
= 212.18-200
= 12.18
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