In how much time will ₹5000 amount to ₹5955.08 at 12% p.a., if interest is compounded semi annually?
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Answer:
Use This Method
Step-by-step explanation:
Given Rate of interest is r = 8% = 0.08
Principal Amount is A = 5, 000
Time is t years
Interest is compounded yearly twice
→ n = 2
r Amount = P (1+)nt = 5000 x (1+ n
0.08 2t
2
= 5, 408
5408
(1.0816)* : 5000 t = 1
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