Question

8. Find the amount and the compound interest on 24,000 at 10% p.a. for 1-years, compound interest being
reckoned half-yearly.​

Answer 1

Answer:

P=24000Rs

n=3 because due to semi-annually 3×21 months are there

r=10% but for 21 years r=210=5%.

Amount =P(1+100r)n

=24000(1+0.05)3

=24000×1.05×1.05×1.05

Amount =27783

CI=27783−24000

CI=3783.