a man invested ₹60,000 at an interest of 12%per annum compounded half yearly.what is the amount he would get after 1 year?
Answers
Answer:
Ncert solutions
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Mathematics
Science
Chapters in NCERT Solutions - Mathematics , Class 8
Exercises in Comparing Quantities
Question 9
Vasudevan invested ₹ 60000 at an interest rate of 12% per annum compounded half yearly. What amount would he get
i. after 6 months?
ii. after 1 year?
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i. P = ₹ 60,000
Rate = 12% per annum = 6% per half year
n = 6 months = 1 half year
\text { Amount, } A \quad=P\left(1+\frac{R}{100}\right)^{n}
=₹ \left[60000\left(1+\frac{6}{100}\right)^{1}\right]
=₹ \left[60000\left(1+\frac{3}{50}\right)^{1}\right]
= ₹ \left[60000 \times \frac{53}{50}\right]
= ₹ 63600
ii. There are 2 half years in 1 year.
n = 2
\text { Amount, } A \quad=P\left(1+\frac{R}{100}\right)^{n}
=₹ \left[60000\left(1+\frac{6}{100}\right)^{2}\right]
=₹ \left[60000\left(1+\frac{3}{50}\right)^{2}\right]
= ₹ \left[60000 \times \frac{53}{50} \times \frac{53}{50}\right]
= ₹ 67416