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Question

Find the compound interest on 48000 for one year at 8% per annum when compounded half yearly.

A
4916.80
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B
3196.80
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C
2196.00
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D
3916.80
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Solution

The correct option is D3916.80
Principal (P) = ₹48000
Rate (R) =8% p.a.
Time (n)= 1 year

Interest is compounded half yearly
A=P(1+R200)2n
=48000(1+8200)2=48000×2625×2625
=76.8×26×26
=51916.80

Therefore, compound interest = A-P
= ₹(51916.80 - 48000)
= ₹3916.80

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