3. Find the amount and compound interest on 20000 in 2½ years at 10% per annum.
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Answer:
The amount and the compound interest on rs 20000 for 3/2 years at 10 percent per annum compounded half-yearly are Rs.23152.5 and Rs.3152.5 respectively.
Step-by-step explanation:
Principal = Rs.20000
Time =\frac{3}{2}
Rate of interest = 10%
No. of compounds per year = 2
Formula : Amount = P(1+\frac{r}{n})^{nt}
Amount = 20000(1+\frac{0.1}{2})^{2 \times \frac{3}{2}}
Amount = 23152.5
Compound interest = Amount - Principal = 23152.5 - 20000=Rs.3152.5
Hence The amount and the compound interest on rs 20000 for 3/2 years at 10 percent per annum compounded half-yearly are Rs.23152.5 and Rs.3152.5 respectively.
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