Question

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

Answer 1

Answer:

rate of interest=12% per annum=6% per half year

time=1 integer 1/2

original principal=$14000

interest for the first half year=(14000×6×3/2×100)=1260

amount of the end of the first half year=14000+1260=15260

principal for the second half year=15260

interest for the second half year=(15260×6×3/ 2×100)=13734

amount at the end of the second half year =(15260+13734)=28994

Therefore, Compound interest=(28994 -14000)=14994

Answer 2

COMPOUND INTEREST: (28994 - 14000) = 14994