Question

Find the amount and compound interest on ₹3000 at 12%per annum for one and a half years,compounded half -yearly. ​

Answer 1

Answer:

Amount at the end of year 1 :

Amount at the end of year 1 :Total Interest = 370.80

Amount at the end of year 1 :Total Interest = 370.80Total Amount = 3370.80

C.I. on first 6 months:

(12% of 3000) / 2

= 180

C.I. on the latter 6 months:

(12% of 3180) / 2

= 190.80

Amount at the end of year 2's first 6 months:

Amount at the end of year 2's first 6 months:Total Interest = 202.25

Amount at the end of year 2's first 6 months:Total Interest = 202.25Total Amount = 3573.05

C.I. on first 6 months:

(12% of 3370.80) / 2

= 202.248

Amount at the end of One and a Half Year:

Amount at the end of One and a Half Year:Total Interest = 573.05

Amount at the end of One and a Half Year:Total Interest = 573.05Total Amount = 3573.05

Hope my answer is helpful to you!

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Answer 2

Compounded interest=Amount- Principle

=₹ 3573.048 - ₹ 3000

= ₹ 573.048