Simple interest on a certain sum of money at
9% is 450 in 2 years. Find the compound
interest, on the same sum, at the same rate for
1 year, if the interest is reckoned half yearly.
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Simple interest for 1 year = 450/2 =225 let x be the principal 9x/100=225 x=2500
2500*(9/100)= 225 capital for the second half year =2725
2725*(9/100)= 245.25 so compounded interest for 1 year = 225 + 245.25 = 470.25 ( only when the interest is not per annum )
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