Question

Anamika deposit rs.24000%at 10%annual interest for 1 1/2 years .If the interest is calculated every 6 months ,how much money will she get on maturity?

Answer 1

Therefore she will get Rs (2400+378.3) = Rs.2778.3 on maturity.

Explanation:

Given that, Anamika deposits Rs. 2400 at 10% annual interest for $1\frac{1}{2}$ years.

$1\frac{1}{2}$ years= $(1\frac{1}{2} \times 12) month =18\ month$= 6 months+6 months+6 months.

Since the interest is calculated in every 6 month , so the the principal will be changed after 6 month.

First 6 month:

Here P= Rs. 2400, r= 10%, time = 6 month =$\frac{1}{2}$  year

$I_1 =\frac{Prt}{100}$

 $=\frac{2400\times 10\times \frac{1}{2} }{100}$

 =Rs. 120

Second 6 month,

Here P=Rs. (2400+I₁)=Rs (2400+120)=Rs. 2520  ,  r= 10%, time = 6 month =$\frac{1}{2}$  year

$I_2=\frac{Prt}{100}$

 $=\frac{2520\times 10\times \frac{1}{2} }{100}$

 =Rs. 126

Third month:

Here P=Rs. (2520+I₂)=Rs (2520+126)=Rs. 2646  ,  r= 10%, time = 6 month =$\frac{1}{2}$  year

$I_3=\frac{Prt}{100}$

 $=\frac{2646\times 10\times \frac{1}{2} }{100}$

 =Rs. 132.3

Total interest   $(I)=I_1+I_2+I_3$

                              =Rs.( 120+126+132.3)

                              =Rs. 378.3

Therefore she will get Rs (2400+378.3) = Rs.2778.3 on maturity.