In what time will rs. 3300 becomes rs. 3399 at 6% per annum interest compounded half-yearly ?
a.Quarter months
b.Half year
c.2 years
d.1 year
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P = Rs. 3300
A = Rs. 3399
R = 6% per annum
Let the time be n years.
Compound interest is taken half-yearly.
A = P*[1+ (R/2*100)]2n
3399 = 3300(1+3/100)2n
(1.03)2n = 3399/3300
(1.03)2n = (1.03)1
Thus, 2n = 1 year
n = 1/2 year = 6 months.
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