Calculate the CI on a sum rs. 6500 for 2 years at 6% per annum if the interest is compounded bi- annually.
(Give proper step by step explanation)
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Step-by-step explanation:
ANSWER
For first year
P=6500,R=5%, T=1
Interest =100PRT
=100(6500×5×1)=325
Amount = Interest + Principle =325+6500=Rs.6825
For second year principle will be amount of previous year (since interest is compounded)
P=6825,R=6%, T=1
Interest =100PRT
=100(6825×6×1)
=Rs.409.5
Amount=P+I=6825+409.5=7234.5
Total interest =325+409.5=Rs.734.5
∴ Amount after 2 years will be Rs.7234.5 and interest Rs.734.5
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815.80 is the correct answer
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