Question

find compound interest on â¹120000for 1 1/2 years at 6% per annum compounded half yearly

Answer 1

$CI = p(1 + \frac{r}{100})^{t} - p \\ \\ = 120000(1 + \frac{ \frac{6}{2} }{100})^{3} - 120000 \\ \\ = 120000(1 + \frac{3}{100})^{3} - 120000 \\ \\ = 120000( \frac{103}{100})^{3} - 120000 \\ \\ = \frac{120000 \times ({103})^{3} }{1000000} - 120000 \\ \\ = \frac{3 \times 1092727}{25} - 120000 \\ \\ = \frac{3278181}{25} - 120000 \\ \\ = 131127.21 - 120000 \\ = 11127.24$