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Question

Compute the compound interest on Rs. 1000 for 2 years at 10% per annum when compounded half-yearly.

A
Rs 315.15
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B
Rs 200
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C
Rs 215.50
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D
None of these
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Solution

The correct option is C: Rs. 215.50
Given: Principal, P=Rs.1000

Rate, R =5% per half year (Rate was given per annum means yealy, when compounded half yearly then we have to divide yearly interest by 2)

Time =2 years

n = no.of times interest added =4 (in 2 years when compunded half yearly)
Amount,A=P(1+R100)n
A=1000(1+5100)4
=1000×105100×105100×105100×105100
=1000×2120×2120×2120×2120
=1215.50
C.I=AP=1215.501000=Rs.215.50


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