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QUESTION
Q
What is the difference between the compound interests on Rs.8000 for 2 years at 5% per annum compounded yearly and half...
Solution
Amount after 2 years when interest is compounded yearly is
Compound Interest earned when interest is compounded yearly is
= 8820 − 8000 = Rs.820
Amount...
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FORMULA FOR COMPOUND INTEREST:
Where:A = Amount of the invested Principal after time tP = Principal amount r = Annual...
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