Question

A bank offers 5 compound interest calculated on half yearly basis a customer deposits rs. 1600 each on 1st january

Answer 1

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❏So, the sum of money that will produce Rs.6912 in 3 years at 20% p.a of compound interest is Rs.4000.

❏Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one

Answer 2

Answer:

So, the sum of money that will produce Rs.6912 in 3 years at 20% p.a of compound interest is Rs.4000.

Compound interest is calculated by multiplying the initial principal amount by one plus the annual interest rate raised to the number of compound periods minus one

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