Find the compound interest paid when a sum of ₹ 10000 is invested for 1 year and 3 months at 8½% p.a compounded annually.

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Solution

1yr 3months = 5/4 years
p=10000
r=8%
Amount= p (1+r)^t
= 10000× (1+ 8/100)^(5/4)
=110009.80671
Therefore interest = 1009.806

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