Mohan makes fixed deposit of Rs. 20000 in Punjab National Bank for a period of 1 year. What amount will he get on maturely if the rate of inerest is 8% per annum compounded half-year ?

• Ans: 21,632
  let p=20,000, r=8% and n=1year
  so, amount=20000*(1+0.08/2)^2
  i.e. 21,632
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• I=PTR/100=> 2100+20000=> 21600
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