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Question

is the compound interest received when ₹64,000 is invested for 1.5 years at 5% per annum compounded half yearly.

A
₹4919
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B
₹4921
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C
₹5118
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Solution

The correct option is B ₹4921
Given that Principal, P = ₹64,000 Rate (per annum), r = 5 % and Time, n = 112 years

Since, the rate of interest is calculated annually, for 6 months the half yearly rate will be 52 = 2.5%

We know, the amount A
A=P(1+r100)n
Where,
P = Principal
r = Rate of interest
n = Time

Here, r = 52 % and n = 3 half years

A=64,000(1+52×100)3
A=64,000(4140)3
A=68921

Compound interest =
Amount - Principal
= 68921 - 64000 = ₹4921

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