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Question

Vasudevan invested Rs.60000 at an interest rate of 12% per annum compounded half yearly. What amount would he get after 6 months?

A
Rs.63600
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B
Rs.64600
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C
Rs.45600
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D
Rs.54600
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Solution

The correct option is A Rs.63600
Given
Principal amount P=Rs.60000

Rate, R=12% per annum =6% per half year

Time T=6 months =1 half year

Amount=P(1+R100)T

Amount after 6 months

=Amount after 1 half year=Rs.[60000×(1+6100)1]

=Rs.(60000×106100)=Rs.63600
Hence, the amount is Rs.63600

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