In how many years will ₹10,000 earn an interest of ₹3310 at 20% per annum, with the interest being compounded half-yearly?
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Step-by-step explanation:
Using the compound interest formula, with half yearly interest. It will take exactly 18 months to earn ₹3310 in interest.
If we were using simple interest then the interest earned would be ₹3000.
The formula used is:
A= P(1+r÷n)nt.
Where A is the final amount of ₹13310.
P is the principal of ₹10,000.
r is the interest rate of 20%.
n is 2. Since the interest is compounded half yearly.
t is 1.5 years the given time period.
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