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Find the compound interest on 8000 at 15% for 1 year, if the interest is compounded semi-annually
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- Principal = ₹8,000
- Rate of Interest = 15% per half year
- Time = 1 year
- Compound Interest, if it is compounded semi-annually.
------ [semi-annually]
Where,
- C.I. = Compound Interest
- P = Principal i.e. 8,000
- R = Rate i.e. 15%
- T = Time i.e. 1 year
Let, the time be n,
Given :-
- Principal = ₹8,000
- Rate of Interest = 15% per half year
- Time = 1 year
According to the question by using the formula of Compound Interest, we get,
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