Question

Calculate compound interest on 3500 at 6% per annum for 3 years interest being compounded half yearly

Answer 1

Answer:Given,

P=3500

R=6%

T=3 yrs

According to question interest is compounded annually .

Therefore,

R=6/2 = 3%

T=3×2 = 6yrs

A.T.Q,

C.I = P (1+r/100)power n -1

= 3500 (1+3/100)power 6 -1

Now solve it.