The compound interest on Rs.10,000 at 12% per annum For one and a half years compounded annually is
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Answer:
p = Principle Value
¡ = Annual Percentage Rate ÷ Number of interest periods per year
n = Number of interest periods per year × Number of years
Compound Interest Formulae:
S = p (1+¡)^n
Answer:
- p = 10,000
- ¡ = (12÷100)÷1 = 0.12
- n = 1 × 1½ years = 1 ½ or 1.5
S = p (1+¡)^n
= 10000 ( 1 + 0.12)^1.5
= 10000 ( 1.12)^1.5
= 10000 (1.185296587)
= Rs. 11,852.97
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