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Vasudevan invested Rs.60000 at an interest rate of 12% per annum compounded half yearly. What amount would he get after 11 year?

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Rs.67416

Rs.78416

Rs.67786

Rs.45416

answer is A.

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Detailed Solution

Let P be the principal amount, R be the rate of interest and n be the time period.
Interest rate is given per annum. But the interest is compounded half yearly.
Therefore the effective interest for half year will be half of that for the full year.

Also the time period is two times since there are two half years in a year.
So we have, n=2
Principal is given as Rs.60000.

The amount to be paid if the interest is calculated annually is given by,

Substituting the above values we get,

Therefore we get,

So the amount he would get after one year is

∴ The ans is option 1.

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