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Question 65
An amount of Rs. 5,00,000/- becomes Rs. 5,51,250/- on some compound interest compoundedhalf-yearly in one year. Then the rate of compoundinterestis
Solution
Let the rate of interest be 2R% p.a. and let $$1+\frac{R}{100}=m$$
Hence, by the given data:
$$551250=5,00,000\cdot m^2$$
$$m^2=1.1025$$
$$m=1.05$$
$$R=5$$
Hence, rate of interest = 2R = 10% p.a.
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