Math Problem Statement
Solution
The question asks to find the amount of ₹ 8,000 after 1.5 years at 5% per annum compounded half-yearly.
We can solve this using the compound interest formula:
Where:
- is the final amount
- is the principal amount
- is the annual interest rate
- since the interest is compounded half-yearly
- years is the time period
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Would you like me to explain the steps to calculate this manually, or do you have any other questions regarding this problem?
Here are some related questions:
- What is the difference between simple and compound interest?
- How does the compounding frequency affect the final amount?
- What is the formula for continuous compounding?
- How would the amount change if the compounding was done annually instead of half-yearly?
- How can you calculate the interest earned, not just the final amount?
Tip: Always check the compounding frequency in interest problems; it can significantly impact your calculations.
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Interest Rates
Formulas
A = P(1 + r/n)^(nt)
Theorems
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Suitable Grade Level
Grades 9-12
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