Question

Calculate the compound interest on $ 60,000 for 1 year, at 8% per annum, compounded half-yearly.

Answer 1

Given :

• Compound Interest on Rs.60,000 at 8% per annum for 1 year .

To Find :

• Compound Interest .

Solution :

$\longmapsto\tt{Principal(P)=Rs.60,000}$

$\longmapsto\tt{Rate(r)=8\%}$

$\longmapsto\tt{Time(t)=1\:yr}$

Using Formula :

$\longmapsto\tt\boxed{Amount=P\bigg(1+\dfrac{r}{100}\bigg)^{t}}$

Putting Values :

$\longmapsto\tt{60000\bigg(1+\dfrac{8}{100}\bigg)^{1}}$

$\longmapsto\tt{60000\bigg(\dfrac{100+8}{100}\bigg)^{1}}$

$\longmapsto\tt{600{\not{0}}{\not{0}}\bigg(\dfrac{108}{1{\not{0}}{\not{0}}}\bigg)^{1}}$

$\longmapsto\tt{600\times{108}}$

$\longmapsto\tt{64800}$

So , The Amount is Rs.64800 ..

Now ,

For Compound Interest :

$\longmapsto\tt{Amount-Principal}$

$\longmapsto\tt{64800-60000}$

$\longmapsto\tt\bf{Rs.4800}$

So , The Compound Interest is Rs.4800 ..