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Question

Calculate the compound interest on a sum of ₹  15000 in 1.5 years when interest is compounded half-yearly at the rate 20% of per annum.


  1. ₹ 5165

  2. ₹ 4580

  3. ₹ 4965

  4. ₹ 4935


Solution

The correct option is C

₹ 4965


Given:

P  = ₹  15,000

R  =  20%  per annum, so will be 10% if compounded half-yearly

n  =  3  (As 1.5 years has 3 half year in it)

Compound interest will be calculated by  C.I = [P × (1+R100)n]  -  P

Substituting the value we get

C.I  =  [15,000 × (1+10100)3]  -  15,000

C.I  =  [15,000×1110×1110×1110]  -  15,000

C.I  =  ₹ 19,965  - ₹ 15,000

C.I   =  ₹ 4965

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