Principal = 7000; Time = 15 years;
Rate = 12% per annum; interest compounded
half-yearly.
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Maybe, I can help to find answer..
Principal = ₹7,000 we can say that P , Rate = 12%per annum we can say that r, Time =15years we can say that n
We can say that A to amount
But,
Compounded half yearly:-
Rate =12/2=6%
Time=15*2=30 half years.
Compound interest = Amount - principal
P(1+r/100)-P
= 7,000(1+6÷100)^30 - 7,000
=7,000(1+3÷50) - 7,000
=7,000(50+3)/50^30 - 7,000
=7,000(53/50)^30 - 7,000
=7,000* 5.35/9.31 - 7,000
=4022.56 - 7,000
= ₹ -2,977.44
It's compound interest is not defined.
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