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Calculate the compound interest on Rs. 6...

Calculate the compound interest on Rs. 6000 for 1 year at the rate of 8% compound interest per annum compounded at the interval of 6 months.

Text Solution

Verified by Experts

Here the principal is Rs. 6000 and the rate of compound inteest is 8% per annum.
Since the interest is compounded at the interval of 6 months, the period of time is 2 and the time is 1 year.
`:.` The required amount `=Rs. 6000xx(1+(8/2)/100)^(2xx1)`
`=Rs. 6000xx(1+1/25)^(2)`
`=Rs. 6000xx(26/25)^(2)`
`=Rs. 6000xx26/25xx26/25=Rs. 6489.60`
`:.` The compound interest `=Rs.(6489.40-6000)=Rs. 489.40`
Hence the compound interest `=Rs. 489.40`
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