Question

Find the amount on rs. 60,000, if the interest is compounded half-yearly at 4 percent per annum for one and half years. (a) rs. 63672.48 (b) rs. 62424.00 (c) rs. 67491.84 (d) rs. 64896.00 (e) none of these

Answer 1

Answer:

Option (a) rs. 63672.48  is the correct answer.

Step-by-step explanation:

Formula:-

Compound interest

$A=P[1+\frac{R}{100}]^{N}$

A - Amount

P - principle amount

R - Rate of interest

N - Number of years

To find Amount

It is given that,

P = RS. 60000

R  = 4%

We can take 1 and half years as three 6 months.

The interest for 6 months = 4/2 = 2% and N = 3

$A=P[1+\frac{R}{100}]^{N}$

$A=60000[1+\frac{2}{100}]^{3}$

$A=60000[\frac{102}{100}]^{3}$

A = 63672.48

Therefore the amount = RS.63672.48

The correct answer is option(a).RS 63672.48