Rahim borrowed Rs 10,24,000 from a bank for one year. If the bank charges interest of 5% per annum, compounded half-yearly, what amount will he have to pay after one year's time period? Also, find the interest paid by him.
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Suppose, amount = A
we knew that, in haly-yearly R = R/2 and T = 2T
So, for compound haly-yearly .
A = P ( 1 + R/100 ) 2T = 10,24,000 ( 1 + 5/200 ) ²
Rs 1075840
Also, CI = A-P
= 10,75,840 - 10,24,000
= Rs 51,840.
Hence the interest paid by him is Rs 51,840.
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