Given: Principal (P) = Rs. 80,000, Amount (A) = Rs. 92,610, Rate of interest (R) = 10% per annum compounded half-yearly.
Formula Used: For compound interest compounded half-yearly:
Where:
· n = number of years
· R = rate of interest per annum
Solution:
Hence, 2n=3, so n=3/2=1.5 years
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