Biswa decided to save money for a trip. He was<br />checking some investment options for saving,<br />but his friend Kalia suggested to check if he is<br />interested in compound interest. Biswa found a<br />bank that offers 6% compound interest<br />calculated on a half-yearly basis. To know in<br />detail, Biswa planned to deposit Rs. 20000 each<br />on 1st of January and 1st of July of that same<br />year. But Biswa is not that great at Math! Can<br />you help him know, what amount he would have<br />gained through interest by the end of the year?
Answers
Answer:
1586
Explanation:
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this is so simple question
Given :-
- Principal = Rs.20000 .
- Rate = 6% compounded half yearly .
- Time = 1 year .
To find :-
- CI = ?
Solution :-
we know that, when rate is compounded half yearly,
- Time = 2 times = 1 * 2 = 2 years.
- Rate = Half = 6 / 2 = 3% per annum .
- Amount = P[1 + (R/100)]^time .
putting values we get,
→ A = 20000[1 + (3/100)]²
→ A = 20000 * (103/100)²
→ A = (20000 * 103 * 103) / 100 * 100
→ A = Rs.21,218
therefore,
→ CI = A - P
→ CI = 21218 - 20000
→ CI = Rs.1218 (Ans.)
Hence, Biswas gained Rs.1218 by the end of the year.
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