Principal =50,000 Rate10% returns 60,000then find time
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Step-by-step explanation:
As we know that,
A=P(1+
100
R
)
n
Whereas,
A= Amount
P= Principal
R= Rate
n= Time period
Given:-
Principal (P)=Rs.60000
Rate (r)=12%=6% per 6 months
(i) After 6 months-
As the interest is compounded half-yearly,
n=6 months=1
∴A=60000×(1+
100
6
1
⇒A=60000×(1+0.06)
⇒A=63600
(ii) After 1 year-
As the interest is compounded half-yearly,
n=12 months=2
∴A=60000×(1+
100
6
)
2
⇒A=60000×(1+0.06)
2
⇒A=67416
Hence the amount he get after 6 months and 1 year will be Rs.63600 and Rs.67416 respectively.
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