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Question

Calculate the amount and compound interest on ₹ 8000 for 1 year at 9% per annum compound half yearly.
[3 marks]

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Solution

Principal (P) = ₹ 8000

Rate of interest = 9% per annum or 92% per half year

Number of years = 1 year

There will be 2 half years in 1 year

Amount, A=P [1+R100]n
= 8000 [1+9200]2=8000[209200]2=8736.20

[2 marks]


C.I. = A – P = ₹ 8736.20 – ₹ 8000 = ₹ 736.20
[1 mark]


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