Question

Find the compound interest for one year at 5 and half percent per year on Rs.16000,if the interest is compounded half yearly.​

Answer 1

Answer:

P= 16000, R=5.5, N= 1 year

Step-by-step explanation:

A=P(1+R/100)^N

A=16000(1+5.5/100)^1

(by cutting decimal point)

A=16000(1+55/1000)^1

(by cross multiplication)

A=16000(1000+55/1000)^1

A=16000(1055/1000)^1

A=16000×1055/1000

(by cutting 0)

A=16×1055

A=16880

Compound interest = Amount - principle

Compound interest = 16880 - 16000

Compound interest = 880