Raja invested ₹ 15000 at the rate of 10 % pa for 1

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Raja invested ₹ 15000 at the rate of 10 % pa for 1 yr. If the interest is compound half-yearly, then find the amount received by Raja at the end of the year.

1. ₹ 16537.50
2. ₹ 18000
3. ₹ 19000.50
4. ₹ 20000

Correct Option: A

Given P = ₹ 15000 , R = 10 %
and n = 1 yr
Accounting to the formula,
Amount = P(1 + R/(2 x 100))²ⁿ
= 15000 x (1 + 5/100 )²
= 15000 x (105/100 )²
= 15000 x (21/20) x (21/20)
= ₹ 16537.50