in what time will rs 2400 amount to rs. 2646 at 10% per annum compounded semi-anually?
can you please solve it with statements? That would be a great help
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ᴜʀ ᴀɴsᴡᴇʀ ɪs ɪɴ ᴀʙᴏᴠᴇ ᴘʜᴏᴛᴏ
ʜᴏᴘᴇ ɪᴛ ʜᴇʟᴘ ᴜ ;)
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Given,
Principal (P) = Rs. 2400
Compound Amount (C.A.) = Rs. 2646
here,
5% for 6 months.
5/6 % for 1 month
(5/6)*12 for 12 months = 10% for 1 year = 10% p.a.
Rate (R) = 10% p.a.
Compound Interest Semi-Annually (Half-Yearly)
C.A. = P(1 + R/200)^2T
2646 = 2400(1 + 10/200)^2T
1.1025 = (1.05)^2T
(1.05)^2 = (1.05)^2T
2 = 2T
T = 1 year Ans.
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