If the interest is compounded half-yearly, calculate the amount when the principal is ₹7400, the rate of interest is 5% and the duration is one year.
Compound Interest
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Question

If the interest is compounded half-yearly, calculate the amount when the principal is ₹7400, the rate of interest is 5% and the duration is one year.

KnowledgeBoat · Accepted Answer

Since rate of interest is 5% per annum, therefore rate of interest per conversion period (half-yearly) = 2.5%. As the money is invested for one year, therefore, n (the number of conversion periods) = 2. Hence, amount = ₹7774.625

Mathematics

If the interest is compounded half-yearly, calculate the amount when the principal is ₹7400, the rate of interest is 5% and the duration is one year.

Compound Interest

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