Math, asked by queen1289, 10 months ago

compound interest on rs 24000 for one year at 6 percent per annum when compounded half yearly is​

Answers

Answered by mhanifa
1

Answer:

Rs 1461.6

Step-by-step explanation:

Given:

  • Present value: Rs 24000
  • Interest rate: r= 6% = 0.06  
  • Number of years: t= 1
  • Number of compounding periods a year: n=2

Use formula:

Future value = Present Value*( 1+ r/n)^nt

  • FV = Rs 24000 * ( 1+0.06/2)^2
  • FV= Rs 24000 * (1.03)^2
  • FV = Rs 24000 * 1.0609
  • FV= Rs 25461.6
  • Interest amount= Rs 25461.6 - Rs 24000= Rs 1461.6

Answer: interest amount is Rs 1461.6

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