Question

Find the amount and compound intrest on 20000 for 1+1/2 years at rate of 8% per annum compounded half yearly

Answer 1

Answer:

Step-by-step explanation:

T = 1 + 1/2 years    = 3/2 years

R = 8%

P = 20000

Half yearly Compound Interest (C.I) = P ( ( 1 + R / 200 ) ^ 2T  -1)

                                                          = 20000 * (( 1 + 8 / 200 )^ 2* 3 /2  -1)

                                                         = 20000 * ( ( 26 / 25 ) ^3 - 1)

                                                          =20000 * 1951 / 15625

                                                          = 2497.28