What amount is to be repaid on a loan of 8000 for 1 year at 12% per annum compounded half yearly
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As interest is compounded half yearly, so number of conversion periods in 121 years is 3, So n=3
rate for half year =21×10%=5%
A=P(1+100R)n
A=12000(1+1005)3
=12000(100105)3
=Rs.13891.50
Compound interest =A−P
=13891.50−12000
=Rs.1891.50
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