rupees 62500 for 1and half year years at 8 percent per annum compounded half yearly calculate the amount and compound interest
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Answer:
Given, Principal (P) = Rs. 62,500
Rate =8 % per annum or 4 % per half year
Number of years = 121
There will be 3 half years in 121 years.
We know,
A=P[1+100R]n
⇒A=62500[1+(1004)3]
⇒A=62500×2526×2526×2526
⇒A=70304
compound interest =A−P
= Rs. 70304 - Rs. 62500
= Rs.7,804.
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