Find the amount which Ram will get on rs 20981,if he gave for 18 months at 12 1\2% per annum compounded half yearly???(hint:find the compound interest)
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Answer:
Principal = 20981
In half yearly the rate of interest is half.
so, 12.5\2 = 6.25%
and time is double
Time = 18 months = 18\12×2 = 3 months
A = P(1+r\100) power n
A = 20981 (1+6.25\100)power 3 months
A = 20981 (17\16) power 3
A = 20981× 17\16× 17\16× 17\16
A = 25165.9309
Compound interest = Amount–Principal
Compound interest = 25165.9309–20981
= 4184.9309
I hope this answer is help you
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