Question
In how many years will a sum of Rs.800 at 10% per annum compound interest, compounded semi-annually becomes Rs.926.10 ?
Answer: Option B
Answer: (b)Using Rule 1 and 2,Rate = 10% per annum = 5% half yearlyA = P$(1 + R/100)^T$926.10 = 800$(1 + 5/100)^T$$9261/8000 = (21/20)^T$$(21/20)^3 = (21/20)^T$Time = 3 half years = 1$1/2$ years
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Answer: (b)Using Rule 1 and 2,Rate = 10% per annum = 5% half yearlyA = P$(1 + R/100)^T$926.10 = 800$(1 + 5/100)^T$$9261/8000 = (21/20)^T$$(21/20)^3 = (21/20)^T$Time = 3 half years = 1$1/2$ years
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