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    Question

    A sum of ₹20,000 is invested at an annual interest

    rate of 10% compounded half-yearly. What will be the total amount after 2 years?
    A ₹22,000 Correct Answer Incorrect Answer
    B ₹24,310 Correct Answer Incorrect Answer
    C ₹24,420 Correct Answer Incorrect Answer
    D ₹24,618 Correct Answer Incorrect Answer

    Solution

    A = P(1 + r/n)^(nt) A = 20,000(1 + 0.05)^4 = 20,000 × 1.2155 = ₹24,310. Correct Option: b) ₹24,310

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