Compound interest on Rs=5000 for 6 1/2 years at 2 2/2 % compounded semi - annually
Answers
Answer:
Solution
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It is given that
Principal (P) = 5000
Rate of interest (r) = 6% p.a.
Period (n) = 2 years
We Know that
Amount = P(1+r/100)n
Substituting the values
=5000(1+6/100)2
By further calculation
= 5000×53/50×53/50
= 5618
Here
CI = A - P
Substituting the values
=5618−5000
= 618
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Amount = 6,067.76
I (interest) = 1,067.76
Step-by-step explanation:
Principal Amount = 5000
Rate of intrest = 2+(2/2) = 3%
Time = 6+(1/2) = 13/2 = 6.5
First, convert R as a percent to r as a decimal
r = R/100
r = 3/100
r = 0.03 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt
A = 5,000.00(1 + 0.03/2)^(2)×(6.5)
A = 5,000.00×(1 + 0.015)^(13)
A = 6,067.76
A = 6,067.76
A = P + I where
P (principal) = 5,000.00
I (interest) = 1,067.76
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