Arjun deposited a sum of ₹8000 in the Bank for 1 year, compounded half-yearly at 10% per annum. Find the compound interest he gets.
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Arjun deposited a sum of ₹8000 in the Bank for 1 year, compounded half-yearly at 10% per annum. Find the compound interest he gets.
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Step-by-step explanation:
Here, p = ₹8000, t = 2 , R = 10%
According to formula,
A = P(1+R/100)^t
= ₹8000[1+(10/100)]²
= 8000[1+(1/10)]²
= 8000(11/10)²
= 8000(121/100)
= 80(121)
= ₹9680
C. I = A-P
= ₹9680-₹8000
= ₹1680
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