Find the amount and the compound interest on $ 20,000 for 1 1/2 year at 10% per annun, compound half yearly and compound annually.
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Answer:
Rs.3328
Principal=Rs.20,000
Time =1 year compounded semi-annually
Rate=16%
As the interest is compounded semi-annually so the rate is divided by 2 and the time is multiply by 2
∴A=P(1+2×100R)T×2
⇒A=20,000(1+1008)2
⇒A=20,000×100108×100108
⇒A=2×108×108
⇒A=Rs.23328
∴C.I=23328−20000=Rs.3328
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