Question

8. Find the amount and the compound interest on 24,000 for 15 years at 10% per annum,
compounded half-yearly.​

Answer 1

Question :-

Find the amount and the compound interest on 24,000 for 15 years at 10% per annum, compounded half-yearly.

Answer :-

→ Compound interest = ₹ 3600

→ Amount = 6000

Step - by - step explanation :-

To find :-

Find amount and compound interest.

Formula used :-

$\star \: \boxed{ \bf{interest \: = \frac{P \times R \times T}{100} }}\\ P \: is \: the \: principal \: amount \: \\ R \: i s \: rate \: \\ T \: is \: time \:$

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Given that :-

• Principal amount (P) = ₹2400

• Rate ( R) = 10%

• Time (T) = 15 years

Solution :-

We know that,

$\implies \: \bf{ interest \: = \frac{p \times r \times t}{100}}$

Substitute the given values ,

$\implies \: \bf{interest \: = \frac{2400 \times 10 \times 15}{100}} \\ \\ \implies \: \boxed{ \bf{interest \: = 36 00}}$

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Hence,

Amount = 2400 + 3600 = ₹ 6000

Compound interest ↓

= Final amount - Original amount

= 6000 - 2400

= ₹ 3600

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