Question

Find the CI received on Rs. 24,000 at 5% p.a after 3 years compounded half yearly .

Answer 1

Answer:

Rs.3832.64

Step-by-step explanation:

When compounded half yearly , the Rate is halved and the Time is doubled .

Principal ( P ) = Rs.24,000 Rate ( R ) = 5/2 %

Time ( n ) = ( 3x2 ) years = 6 years

Amount ( A ) = P ( 1 + R / 100 ) = > A = 24,000 ( 1 + 5/200 ) 6 = > A = 24,000 ( 41/40 ) = > A = Rs.27832.64

Compound Interest = Rs . ( 27832.64-24000 ) = Rs.3832.64

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