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Question

A person invested ₹70,000 at an interest rate of 12% per annum compounded half-yearly. What would be the amount he gets after 6 months?

A
₹72,200
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B
₹73,200
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C
₹74,200
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D
₹75,200
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Solution

The correct option is C ₹74,200
Here , Principal (P) = ₹70000
Time (n) = 6 months
Rate of interest (R) = 12%
(compounded half yearly)

Amount(A)=P(1+R2×100)2n=70000(1+12200)2×12=70000(1+6100)1=70000(1+350)1
=70000(5350)1=70000×5350=74200

After 6 months he would get ₹74200.

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