Rita took a loan of 50000 from a bank if the rate of interest is 5% per annum find the difference in amount she would be paying after 2 years if the interest is compounded annually and compounded half yearly
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annually compound =P(R÷100+1)raised to power t =5000(5÷100+1)⁵
=5300
half yearly compound =P(R÷200+1)²times t
=5000(5÷200+1)²
=5304.5
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