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Question

Find the compound interest on Rs.8000 for the period of 112 years at the rate of interest 10% per annum, if the interest is compounded half yearly.

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Solution

Given Principle P=Rs.8000
Time t=112=32years
But, as the interest is compounded half yearly t=32×2=3years
Rate of interest R=10
A=P(1+R100)t
A=8000(1+10100)3
A=8000(110100)3
A=8000×(1.1)3
A=8000×1.331
A=10648
CI=AP
CI=106488000
CI=Rs.2648

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