Question

Find the Amount and Compound Interest of Rupees 12000 in 1 1/2( one and a half) years at 20% per year compounded half yearly?

Answer 1

Answer:

A sum of Rs.12000 is invested for 1.5 years which will be compounded half yearly at a rate of 10%. Find the amount obtained.

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ANSWER

To find compound interest when interest is compounded half-yearly we use formula

A=P(1+

2

r

)

2n

Here, P=Rs.12000,r=10% and n=1.5 years

Hence,A=12000(1+0.05)

3

A=12000×1.157625

A=Rs.13891.5