Question

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

Answer 1

Answer :

›»› The compound interest are Rs.4800.

Given :

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

To Find :

Compound interest = ?

To find the amount, we use the formla:-

A= P(1+r/100)n.

Principal = $60,000.

Rate = 8% per annum.

Time = 1 year.

According to the given question,

On putting the given values in the formula, we get

A= 60,000(1+8÷100)1.

A= 60,000(100+8÷100)1.

A= 60,000(108÷100). .°.[60,000÷100]

A= 600 × 108.

A= 64,800.

C.I = Amount - Principal.

C.I = 64,800 - 60,000.

C.I = 4,800.

So, compound interest is 4,800.