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Find the compound interest on Rs. 16000 at 10% per annum at the end of 1 ½ years, if the interest is calculated half yearly.

A.	Rs. 2460	B.	Rs. 2522
C.	Rs. 5296	D.	Rs. 2722

Answer and Explanation

Answer:Rs. 2522

Explanation:
n = 1 ½ years = 3 half years
R = 10% per annum = 5% per half year
Amount = 16000 (1 + 5/100)3 = 16000 × (105/100) × (105/100) × (105/100) = Rs. 18522
Compound interest = 18522 – 16000 = Rs. 2522

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