Vasudevan invested Rs 60,000 at an interest rate of 12% per annum compounded half yearly. What amount would he get
(i) after 6 months?
(ii) after 1 year?
(i) Here, Principal (P) = Rs. 60,000,
Time, n = 6 months = 1 year(compounded half yearly)
Rate of interest (r) = 12% = 6% (compounded half yearly)
Amount (A) =
= Rs. 63,600
After 6 months Vasudevan would get amount Rs. 63,600.
(ii) Here, Principal (P) = Rs. 60,000,
Time, n = 1 year = 2 year(compounded half yearly)
Rate of interest (r) = 12% = 6% (compounded half yearly)
= Rs. 67,416
After 1 year Vasudevan would get amount Rs. 67,416
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