Question

find the amount which will be obtained on a principal of rs64000 for 18 months at 23÷2% per annum, interest being compounded half yearly. ​

Answer 1

Answer:

Step-by-step explanation:

As we know that Amount = P(1 + R/100)^year

Where, P = principal amount ie ₹64000

R = Interest rate ie 23/2, but as we take it as half yearly basis

we should divide rate also by 2 so, it’s 23/4.

So, amount we will get after 18 months

Amount = 64000(1 + 23/400)^3

Amount = 64000(423/400 x 423/400 x 423/400)

Amount = 423 x 423 x 423/1000

Amount = 75686.96