Question

A sum put out at 4% compound interest payable half-yearly amounts to rupees 663 2.55 in 1 year and 6 months the sum is

Answer 1

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Answer 2

Given :

A sum put out at 4% compound interest payable half-yearly amounts to rupees 663 2.55 in 1 year and 6 month

To find:

Find the sum

Solution:

Let the sum be x

Rate of interest r= 4% = 0.04

Time t= 1 year 6 months = 1.5 years

No. of compounds per year = n =2

Amount = Rs.6632.55

Formula :

$A=P(1+\frac{r}{n})^{nt}$

A=Amount

P = Principal

r = rate of interest

n = No. of compounds

t = time

So,$6632.55=x(1+\frac{0.04}{2})^{2 \times 1.5}\\\frac{6632.55}{(1+\frac{0.04}{2})^{2 \times 1.5}}=x\\6250=x$

Hence The sum is Rs.6250