neeraj deposited RS 5000 in Punjab national bank for 12 months. If the bank pays compound interest at 6%p.a reckoned half yearly,find the amount to be received by him on maturity
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P (principle) = ₹10,000
T (time) = 6 months = (6/12 * 4) = 2 quater months
R (rate) = 12% = (12/4) = 3%
A (amount) = P( 1+R/100) ^T
= ₹ 10,000 (1+3/100)^2
= ₹10,000 (103/100)^2
= ₹ 10,000 * 103/100 * 103/100
= ₹10,609
Hope this helps!!! Thanks ❤️. Have a great day ahead. :D
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Happy independence day yaar
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