Question

Deenu deposited 1600 in a bank, where interest is compounded half-yearly. What amount will he get after 1½ years at 10% per annum?​

Answer 1

Answer:

Step-by-step explanation:

Principle = p = 1,600

Rate of interest = 10%

Time = 1¹/₂ yrs i.e. 3/2 yrs

$Amt = p(1+i)^n$

$Amt = 1,600(1 + 0.05)^{\frac{3}{2}*2}$

$Amt = 1,600(1.05)^3$

$Amt = 1,600 * 1.157625$

$Amt = 1,852.20$

Hence , the amount is 1,852.2