Question

Compound interest on rs 6250 at 8% per annum for 1 year,compounded half yearly is

Answer 1

Answer:

244 approx

Step-by-step explanation:

cp= 6250(1+8/100)^1/2 -6250 =244 approximately

Answer 2

Answer:

510

Step-by-step explanation:

Given:

Present value =₹ 6250

Interest rate= 8 % per annum

Time =1 year compounded half-yearly

To find the amount we have the formula,

Amount (A)=P(1+(r/100))  

n

 

where P is present value, r is rate of interest, n is time in years

Now substituting the values in above formula we get,

∴A=6250(1+(8/2)/100) ²  

 

⇒A=6250(1+4/100) ²  

 

⇒A=6250(1+1/25) ²  

 

⇒A=6250(26/25) ²  

 

⇒A=10×26×26

⇒A=₹ 6760

∴ Compound interest =A–P

=6760–6250=₹ 510