Answers

2016-03-30T12:30:48+05:30
Formula to calculate the compound interest is P[ (1 + R/100)^T - 1]

As per the information given in the question, P = 2400, T = 2 1/2, R = 5%

(2400( 1 + 5/100)^5/2 ) - 1

= 2400[(1.129732) - 1]

= 311.352
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