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Question

Find the compound interest on Rs.24,000 compounded half-yearly for 112 years at the rate of 10% per annum.

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Solution

Interest compounded half yearly
r=(10%)/2=5% per interest period.
No.of interest period (n)=2(3/2)=3P=Rs.2400
CI=P[(1+r100)n1]
CI=24000[(1+10100)31]=3783
Hence, the compound interest=Rs.3,783

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