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Question

Find the compound interest and the amount on Rs. 8000 at 15% for 1 year, if interest is added every six months.

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Solution

Principal=Rs.8000
Rate=15%
Amount=P(1+R100)t=8000(1+15100)2
=8000(115100)2=Rs10,580
Compound interest=Rs10,580Rs8000=Rs2,580

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