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A sum of Rs 500 deposited in a bank which pays interest at the rate of 6 percent compounded semi anually. What will be the value of the deposit in 18 months? please give answer with solution

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@ 6mo = 500 x 6/100 + 500 = 530
@12mo = 530 x 6/100 + 530 = 561.80
@ 18mo = 561.80 x 6/100 + 561.80 = 595.508 ~ 595.51 (rounded)

Posted on Jan 16, 2011

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