Question

Find the compound interest on ₹14000 for 1½ years at 12% per annum, if the interest is compounded half-yearly​

Answer 1

Step-by-step explanation:

$630.50

Here, the interest is compounded half-yearly. So,

Principal (P) = $ 14,000

Number of years (n) = 11212 × 2 = 3232 × 2 = 3

Rate of interest compounded half-yearly (r) = 102102% = 5%

Now, A = P (1 + r100r100)nn

⟹ A = $ 4,000(1 + 51005100)33

⟹ A = $ 4,000(1 + 120120)33

⟹ A = $ 4,000 × (21202120)33

⟹ A = $ 4,000 × 9261800092618000

⟹ A = $ 4,630.50 and

Compound interest = Amount - Principal

= $ 4,630.50 - $ 4,000

= $ 630.50

Therefore, the amount is $ 4,630.50 and the compound interest is $ 630.50

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