Question

Anuj deposited a sum of 38000 in a branch of an international bank for 2 years,compounded half yearly at 10% per annum. Find the compound interest he gets at the end of 2 years​

Answer 1

Answer:

8189.2375

Step-by-step explanation:

Principal(P) = Rs 38000

Interest rate (r) = 10%

Time period (t) = 2 year

No of time interest applies in a year (n) = 2

$C.I = P ( 1 + \frac{r}{n} )^{nt} - P$    $= 38000 ( 1 + \frac{0.1}{2})^{2 * 2} - 38000$  

                                       = 46,189.2375 - 38000

                                        = 8189.2375

Answer 2

Answer:

The formula for compound interest, including principal sum, is:

A=P(1+

n

r

)

nt

Where:

A= the future value of the investment/loan, including interest

P= the principal investment amount (the initial deposit or loan amount)

r= the annual interest rate (decimal)

n= the number of times that interest is compounded per unit t

t= the time the money is invested or borrowed for

In our given problem,

P= Rs. 20000, r=6%=0.06, n=2, t=1 year

∴, the amount received after the term of 1 year will be given by,

A=20000(1+

2

0.06

)

2×1

⇒A=20000(1+0.03)

2

⇒A=20000(1.03)

2

⇒A=Rs.21218

∴, the amount Sheetal will get after 1 year is Rs.21,218