find the amount of the compound interest on rupees 7400 for 1 year at 5% per annum interest payable half-yearly (ans 7774.625 or 374.625) how to bring this answer?
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Answer:
7774.625
Step-by-step explanation:
amount = 7400
rate = 5%
time = 1 year
but here the interest is payable half yearly so rate,R = 2.5% and t=2
so total amount= 7400(1+ 2.5/100)²
on solving we get total amount= 7774.625
so compound interest = 7774.625-7400 = 374.625
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