Find the compound interest on 3000 rupees at the rate of 6 percent per annum for one and half years compounded half yearly
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Answer:
Compound interest , C is given by r = rate, P = principle, n = time
C=P[(1+r)
n
−1]
=3000[(1+
100
5
)
2
−1]
=3000(1+
10000
25
+
100
10
−1)
=30(
100
25
+10)⇒30(10+
4
1
)
=30(
10
41
)
C=Rs.123.
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