Question

Find the compound interest on ₹10000 for 1 year at 10% per annum, if the interest is compounded half yearly.

Answer 1

Answer:

Rs. 506.25

Step By Step Explanation

Given -

P= Rs. 10000

R= 10%

N= 1 year

Formula :-

Let p = principal, R = rate of interest, and N = time

Compound Interest calculated half yearly =P(1+ (R/2)/100)- P

Calculation :-

Compound Interest = 10000(1+10/200)2 - 10000 = Rs. 506.25