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Question

Find the compound interest of 500 for 1 year, compounded semi-annually at the rate of 3 % per six months.

A
20.50
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B
10.45
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C
30.45
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D
42.89
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Solution

The correct option is C 30.45
Principal =500, R=3%, n=2 (semiannually compounded),
t =1 year

Using the formula, we have
A=P(1+R100)n.t
A=500(1+3100)2.1
A =500×(1.03)2
A =500×1.0609
Amount =530.45

Compound interest = Amount Principal
=530.45500

Compound interest =30.45

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