What is the compound interest (approximately) on Rs. 10,000 at 12% per annum for 2 years, compounded half-yearly?
Question
Solution 1
Sure, let's calculate the compound interest step by step.
Given:
- Principal (P) = Rs. 10,000
- Annual interest rate (R) = 12%
- Time (T) = 2 years
- Compounding frequency = half-yearly
Since the interest is compounded half-yearly, we need to adjust the rate and the number of periods accordingly.
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