What is the compound interest on a sum of ₹8,100 for years at 8% per annum,if the interest is compounded 5-monthly? (Nearest to ₹1)
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Answer:
Step-by-step explanation:
- Principle = Rs. 1000.
- Rate = 8%
- Time = 3/2 years.
- If interest is compounded half yearly.
Amount = P[1+r/200]²ⁿ
= 1000[1+8/200]³
= 1000[26/25]³
= 1000 x 17576/15625 = 1124.864
So CI = 1124.864 - 1000 = Rs.124.864.
Thank u.
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