Question

Find the amount and the compoubd interest of ₹ 64000 in 1 1/2 year at 5%p.a. when the interest is compounded half-yearly

Answer 1

Answer:

We know formula for compound interest compounded quarterly

Amount=P(1+

n

r

)

nt

CompoundInterest=Amount−Principal

Given,

principal=Rs64000

Time=1year

Rate=10%

=64000(1+

4

.1

)

4

=64000(1.025)

4

=64000×1.10381

=70644.025

Amount is Rs70644.025

Compound interest will be=(70644.025-64000)=Rs6644.025