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Question

Find the compound interest on ₹10,000 in 2 years at 4% per annum, the interest being compounded half-yearly.


A

₹836.22

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B

₹895.42

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C

₹824.32

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D

₹866.20

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Solution

The correct option is C

₹824.32


Principal (P) = ₹10000

Rate (R) = 4% per annum which is 2% per half-year

Time (n) = 2 years = 4 half years.

Using the formula,
A=P × (1+R100)n
we have,
Amount = [10000 × (1+2100)4] = (10000 × 5150 × 5150 × 5150 × 5150)=10824.32

Compound Interest = Amount - Principal

C.I. = ₹(10824.32 - 10000) = ₹824.32


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