Question

calculate the compound interest at 8% p. a., compounded half-yearly, on Rs 3000 for 3/2 years​

Answer 1

Step-by-step explanation:

We know the formula,

A=P(1+ r/n)^n.t

Where,

A= total amount

P= principal or amount of money deposited,

r= annual interest rate

n= number of times compounded per year

t= time in years

Given:

P= Rs. 3000,r=8%,n=4 and t=2 years

A= 3000×(1+0.08/4)^4×2

A= 30001.02^8

A=3000×1.171659

A= Rs. 3514.98

To find interest we use formula A=P+I, since A=3514.98 and P=3000, we have:

A=P+I

⇒3514.98=3000+I

⇒I=3514.98−3000=514.98

Interest, I= Rs. 514.98