Question

Calculate the amount and compound interest on 62,500 for 1 1/2 years at 8% per annum compounded annually.​

Answer 1

Answer:

Here, Principal (P) = ₹ 62,500; Time (n) = 3 [As 112 years has 3 half years in it) 

Rate of interest (R) = 4% [rate of interest of 8% per annum is equivalent to 4% per half year, as interest is compounded half yearly]

Amount (A)=P(1+R100)n

                       =62500(1+4100)3

                       =62500(1+125)3

                       =62500(2625)3

                       =62500×2625×2625×2625

                       =₹ 70,304

Compound Interest (C.I) = A - P

                                         = ₹ 70,304 - ₹ 62,500

                                         = ₹ 7,804

Step-by-step explanation:

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