mr.rao bought 1 year, rupees 10000 certificate of deposit that paid interest at an annual rate of 8% compounded semi annually. the interest received by him
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Given : mr.rao bought 1 year, rupees 10000 certificate of deposit that paid interest at an annual rate of 8% compounded semi annually.
To find : interest received by mr.rao
Solution:
annual rate of 8% compounded semi annually
=> Rate of interest for half year = 8/2 = 4 %
Time period = 1 Year = 2 Half Years
P = 10000
R = 4 %
n = 2
A = Amount
A = P(1 + R/100)ⁿ
=> A = 10000 ( 1 + 4/100)²
=> A = 10816
interest received by mr.rao = A - P
= 10816 - 10000
= 816
interest received by mr.rao = Rs 816
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