find the compound interest on 1000 at the rate of 8% per annum for 1 1/2 years when interst is componded half yearly
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Answer:
Principal amount (P) = 1000 Rs.
• Rate of interest (R) = 8% p.a.
• Time (n) = 1 whole ½ years = 3/2 years
★ Now, interest is compound half yearly,
=> R = 8 × 1/2 = 4%
=> n = 3/2 × 12/6 = 3/2 × 2 = 3 half years
★ Then,
Amount (A),
= P × (1 + R/100)^n
= 1000 × (1 + 4/100)^3
= 1000 × (104/100)³
= 1000 × 104/100 × 104/100 × 104/100
= 1000 × 104 × 104 × 104/100 × 100 × 100
= 1124864000/1000000
= 1124.864
★ Now,
Compound interest (C.I),
= A - P
= 1124.864 - 1000
= 124.864
= 125 (approx)
★ •°• The compound interest on 1000 for 1 whole and ½ years at 8% p.a. compounded half yearly is 125 Rs.
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