person deposited Rs.15,000 every six months for 2 years. The rate of interest is 10% p.a. compounded half yearly. Find the amount accumulated at the end of 2 years. [Given : (1.05)4 = 1.2135]
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Answer:
The amount accumulated at the end of 2 years is Rs. 36,267.
Step-by-step explanation:
- The person deposited Rs. 15,000 every six months for 2 years, a total of 2 * 15,000 = 30,000.
- The rate of interest is 10% p.a. compounded half yearly, which means that the interest rate is 10/2 = 5% every six months.
- The formula to calculate the accumulated amount after n intervals at the rate of interest r is given by A = P * (1 + r/100)^n, where A is the accumulated amount, P is the principal amount, n is the number of intervals, and r is the rate of interest.
- In this case, the accumulated amount after 2 years is calculated as A = 30,000 * (1.05)^4 = 30,000 * 1.2135 = 36,267.
KEYWORDS: Compound interest, Principle amount, rate of Interest.
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