Question

find the amount on Rs.8000for 1(1/2)years at 10%per annum,interest being compounded half yearly​

Answer 1

Solution!!

Principal (P) = Rs 8000

Rate of interest (R) = 10%

Time (n) = 1(1/2) years = 3/2 years = 1.5 years

The interest is being compounded half yearly, so

Time (n) = 1.5 years × 2 = 3 years

The principal, rate of interest and time is given. It is mentioned that the interest is being compounded half yearly. We have to find the amount. Just one formula can give us the answer.

Amount = $\sf P\left(1+\dfrac{R}{100}\right)^{n}$

Amount = $\sf 8000\left(1+\dfrac{10}{100}\right)^{3}$

Amount = 8000(1 + 0.1)³

Amount = 8000 × (1.1)³

Amount = 8000 × 1.331

Amount = Rs 10648