A sum was invested at 12% p. a interest compound semi -annually for 2year. If simple interest on the sum for 1year is 960rs find the compound interest on the sum for 1year?
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Answer:
principal amount given is Rs. 10, 000
Interest rate is 8% per year for 12 months.
It is compounded half yearly.
So,After 6 months, interest added =
100
8
×10,000
=Rs.800.
Sum = 10000+800
=Rs. 10,800.
After 12 months, It is compounded with interest
=10,800×
100
8
=Rs.8.64
∴ Compound interest =800+864
=Rs.1664
Step-by-step explanation:
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