Question

find compound interest on ₹ 1000 for 6 months at 12% per annum compounded half yearly​

Answer 1

Answer:

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Answer 2

Given:

• Principal = Rs. 1000
• Time = 6 months
• Rate = 12 % half yearly

What To Find:

We have to

• Find the compound interest.

Formula Needed:

The formula is -

• For Amount -

$\bf \longmapsto \: A = P \bigg( 1 + \dfrac{R}{100} \bigg) ^ T$

Where,

1. R = 12 % = 12 ÷ 2 = 6 %
2. T = 6 months = 6 × 2 = 12 months = 1 year

• For Compound Interest -

$\bf \longmapsto CI = A - P$

Abbreviations Used:

• A = Amount
• P = Principal
• R = Rate
• T = Time
• CI = Compound Interest

Solution:

• Finding the amount.

Using the formula,

$\sf \longmapsto \: A = P \bigg( 1 + \dfrac{R}{100} \bigg) ^ T$

Substitute the values,

$\sf \longmapsto \: A = 1000 \bigg( 1 + \dfrac{6}{100} \bigg) ^ 1$

Solve the brackets,

$\sf \longmapsto \: A = 1000 \bigg( \dfrac{106}{100} \bigg) ^ 1$

Remove the brackets,

$\sf \longmapsto \: A = 1000 \times \dfrac{106}{100}$

Cancel the zeros,

$\sf \longmapsto \: A = 10 \times 106$

Multiply 10 with 106,

$\sf \longmapsto \: A = Rs. \: 1060$

• Finding the compound interest.

Using the formula,

$\sf \longmapsto CI = A - P$

Substitute the values,

$\sf \longmapsto CI = 1060 - 1000$

Subtract the values,

$\sf \longmapsto CI = Rs. \: 60$

Final Answer:

∴ Thus, the compound interest is Rs. 60.