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Question

Rs 62,500 for $$1\dfrac{1}{2}$$ years at 8% per annum compounded half yearly, find the interest.


Solution

$$A=P\left( 1+\dfrac { R }{ 100 }  \right) ^{ t }$$
P$$=62500$$, R$$=4$$, t$$=3$$
Rate has been halved because interest is compounded half yearly and for the same reason the time has been doubled
So,
$$A=62500\left( 1+\dfrac { 4  }{ 100 }  \right) ^{ 3 }$$
    $$=62500\left( 1+\dfrac { 1 }{ 25 }  \right) ^{ 3 }$$
    $$=62500\left( \dfrac { 26 }{ 25 }  \right) ^{ 3 }$$
    $$=70304$$
Amount $$=$$Rs. $$70,304$$
Compound Interest $$=$$Rs. $$\left( 70304-62500 \right) $$
                                 $$=$$Rs. $$7,804$$

Mathematics

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