Question

Find the amount and the compound interest on Rs 7400 for 2 years at 5%per annum, interest payable half yearly.​

Answer 1

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Given Principal = 7400 rupees, r = 5%, n = 1 year.

Given that Interest is compounded half-yearly.

We know that A = P(1 + r/2 * 100)^n * 2

                           = P(1 + 5/200)^1 * 2

                           = 7400(1 + 1/40)^2

                           = 7400(41/40)^2

                           = 7400(1681/1600)

                           = 12439400/1600

                           = 7774.625.

Therefore, Amount = 7774.625.

We know that C.I = A - P

                            = 7774.625 - 7400

                            = 374.625.

Therefore, Compound Interest = 374.625.

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The formula for compound interest is P (1 + r/n)^(nt), where P is the initial principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.