The compound interest on ₹8000 at 10% p.a for 1 year, compounded half yearly is
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Answer:
₹ 820
Step-by-step explanation:
Compound interest (CI) = Amount – Principal
∴ Amount = P (1 + r/100)2n [2n as it is compounded half yearly]
r = 10% p.a, for half yearly r = 1 + 10/2 = 5
A = 8000 (1 + 5/100)2×1
= 8000 x (105/100)2 = 8820
CI = Amount – principal
= 8820 – 8000
= ₹ 820
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