Question

Find the compound interest for Rs6000 at 9 percent per annum for 18 months of the interest is compounded semi-annualy

Answer 1

Principle = 6000

Rate = 9%

Time or (n) = 18 months

Let's convert months into years =

18 months/12 months

{ Here, 12 months because in a year there are 12 months }

• 18/12 months
• 3/2 months

Amount = ?

Compound interest = ?

we know the formula,

A = P [1+R/2/100]^2n

A = 6000 [ 1+9/2/100]^2×3/2

A = 6000 [ 1+4.5/100]^3 (calculate it)

A ~ 6847

we know,

A = P + CI

6847 = 6000 + CI

6847-6000 = CI

847 = CI

Therefore, CI is 847

Hope this helps you.

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