sheela deposited Rd 20000 in a bank where the interest is credit half yearly if the rate of interest paid by the bank is 6% per annum what amount will she get after 1 year
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Principle amount=Rs.20000
rate of interest=6%
no.of.months=1 year=12 months
maturity amount=?
now,
interest=p*n*(n+1)/2*12*r/100
=rs.20000*12*12+1/2*12*r/100
=20000*12*13*r/100
=100*13*r
=1300r.
maturity value=p*n+i
=rs.20000*12+1300r
=240000+1300r
r=240000/1300
=18.4%
rate of interest=6%
no.of.months=1 year=12 months
maturity amount=?
now,
interest=p*n*(n+1)/2*12*r/100
=rs.20000*12*12+1/2*12*r/100
=20000*12*13*r/100
=100*13*r
=1300r.
maturity value=p*n+i
=rs.20000*12+1300r
=240000+1300r
r=240000/1300
=18.4%
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