Question

Find the amount if the principal rupees 31,250 if he invested for 1 1/2 years at 8% per annum. Interest is being compounded half yearly

Answer 1

Answer:

Amount = ₹35,152

Step-by-step explanation:

P = ₹31,250

Interest is being compounded half yearly.  Interest, r at 8% per annum = 4% per half year.

Number of periods in $1\frac{1}{2} years$ , T = 3

Amount $= P(1 + \frac{r}{100})^{T}$ $= 31250(1 + \frac{4}{100} )^{3}$ = ₹31,250x$1.04^{3}$ =₹35,152