Question

find the compound interest on 10,000 on 18 months at 10% per annum , compounded half yearly.

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Answer 1

Answer:

Rs. 1,576.25

Step-by-step explanation:

Principal = Rs. 10,000

Rate = 10% per annum │Compounded half yearly

Time = 18 months = 1.5 years

Note:

Formula of Amount when compounded yearly is $Principal [1+\frac{Rate}{100}]^{Time}$

Amount when compounded half yearly= $Principal [1+\frac{Rate}{200}]^{2*Time}$

= $10,000[1+\frac{10}{200} ]^{2*1.5}$

= $10,000[1+\frac{1}{20} ]^{3}$

= $10,000[\frac{20+1}{20} } ]^{3}$

= $10,000[\frac{21}{20}} ]^{3}$

= $10,000*\frac{21}{20} *\frac{21}{20} *\frac{21}{20}$

=Rs. 11,576.25

Compound Interest = Amount - Principal

                                 = 11,576.25 - 10,000

                                 = Rs. 1,576.25

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