Compound interest on rs 6250 at 8% per annum for 1 year,compounded half yearly is
Answers
Answered by
6
Answer:
244 approx
Step-by-step explanation:
cp= 6250(1+8/100)^1/2 -6250 =244 approximately
Answered by
1
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
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