Question

Calculate the amount and compound interest on ₹62000 for 1½ years at 8% per annum compounded half yearly

Answer 1

Here P = ₹62000,T = 1½ , R = 8% P. a.

Compouning half yearly

R = 8% P.a = 4% per half year

T = 1½ year ➡ n = 3 half years

Amount = P[1+R/100]n

= ₹62000 [1+4/100]³

= ₹62000 [26/25]³

= ₹62000 *26/25*26/25*26/25

= ₹ 4*26*26*26

= ₹70304

Amount = ₹70304

I hope this answer is help you