Question

Anjana wants to start an NGO to provide nutritious food to expectant mothers living below the poverty
E line. She decides to borrow 4,50,000 from a bank for a period of 3 years at 10% p.a. compounded
half yearly. What is the total interest and the amount that Anjana would have to pay

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Answer 1

Answer:

When compounded half yearly, the rate is halved and the time is doubled.

Principal (P) = Rs.4,50,000

Rate (R) = (10÷2) % = 5%

Time (n) = (3×2) years = 6 years

Amount (A) = P (1 + R/100)ⁿ

=> A = 4,50,000 (1 + 5/100)⁶

=> A = 4,50,000 (21/20)⁶

=> A = Rs.6,03,043.00

Compound Interest = A-P = Rs.(6,03,043 - 4,50,000) = Rs.1,53,043

Answer 2

Answer:-

Interest: 153043.04

Amount: 603043.04

It's correct answer.