Jaimin takes Rs. 10000 at 12% per year as rate of interest, for 2 years. How much interest he
has to pay at the end of two years?
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principal amount given is Rs. 10, 000
Interest rate is 8% per year for 12 months.
It is compounded half yearly.
So,After 6 months, interest added = 100 \8 ×10,000
=Rs.800.
Sum = 10000+800
=Rs. 10,800.
After 12 months, It is compounded with interest
=10,800× 100 \8 = Rs.8.64
∴ Compound interest =800+864
=Rs.1664
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