Question

a bank on saving account give compound interest at the rate of 5% per annum what after six month added the interest in the principal if Hiralal deposit 1000 rupya then find the interest after one year​

Answer 1

Rs 50.625 is interest after 1 year

Step-by-step explanation:

P = 1000

R = 5 % per annum = 5/2 % per 6 months

T = 1 Years  = 2 * 6 Months

Amount after 1 Year = 1000 ( 1 +  5/200)²

= 1000(41/40)²

= 1681 * 1000 / 1600

= 16810/16

= 1,050.625

interest after one year​ = 1050.625 - 1000  = Rs 50.625

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