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Find the compound interest on at 20% per annum for 1 year, compounded half yearly.

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6320

6720

6400

6500

answer is B.

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Detailed Solution

Concept:
To find the compound interest given the principal, interest rate, and time, you can easily find the compound interest using the formula.
Given that,
Principle

R.s. 32000
Time

year
Rate

per annum

Rate

per half-year.
and Time

is 1 year, which is equal to 2 half-years.
Amount Question Image

[Compound interest formula]
Question Image

Amount

We also know that,
Interest =Amount - Principal

Interest = 6720
Hence, the correct answer is 2) 6720

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