Question

6. A sum of 20,000 is invested at a rate of 9% compounded annually. Find
the amount after one and a half years.​

Answer 1

Answer:

Future value ≈ ₹ 22,759.87

Step-by-step explanation:

Invested amunt = ₹ 20,000

Rate = 9% compounded annually

first calculate the interest rate semi annually

$i \: = {1 + 0.09}^{1 \div 2} - 1 = 0.044030$

Interest rate = 4.40 % semi annually

$f \: = 20000(1 + 0.0440)^{3} = 22759.87$

Amount after 1 and half years = ₹ 22,759.87