calculate the interest earned and amount due ,if a sum of ₹1500 is invested for 1½ years at 8%per annum compound interest being compound semi annually
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Answer:
660 is the answer
Step-by-step explanation:
Principal(P)=1500
Rate of interest(r)=2%
Number of years=2(semiannually)
Formula:
Amount(A)=P(1+
100
r
)
2
⇒A=1500(1+
100
2
)
2
⇒A=1500×(1.2)
2
⇒A=2160
Compound Interest=A−P
=2160−1500
=660
Therefore, compound interest=660.
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