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Question

Vasudevan invested ₹60,000 at an interest rate of 12% per annum compounded half yearly. What amount would he would get after 6 months?


A

₹63,300

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B

₹63,600

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C

₹66,300

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D

₹66,600

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Solution

The correct option is B

₹63,600


Here, Principal (P) = ₹60,000
Time (n) (in years) = 6 months, which is equivalent to 1 year when compounded half yearly.
Rate of interest (R) = 6%( Here, since the sum is compounded half yearly, 12% per annum is equivalent to 6% per half year.)
Amount (A)=P(1+R100)n=60000(1+6100)1=60000(1+350)1
=60000(5350)1=6000×5350
=63,600
After 6 months Vasudevan would get amount ₹63,600.


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