Find the compound interest on 14,000 for 3/2 years at 12 %per annum, if the interest is compounded by half yearly.
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Answer:
principal=14000
rate of interest=12%=6%half-yearly
time=3/2yrs=3 half-years
so,compound interest=p[(1+r%/100)^n-1]
=14000[(1+6/100)^3-1]
=14000[(106/100)^3-1]
=14000[1191016/1000000-1]
=14000[191016/1000000]
=14000*191016/1000000
=2674.22
hope this will help you
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