Question

Find the compound interest on Rs. 1000 at the rate of 10% per annum for 18 months when interest is compounded half-yearly.

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Answer 1

Answer:

Given

• P = Rs 1000
• R = 10% per annum and,
• $\small\ \mathtt \purple{n = \frac{18}{12} \: years = \frac{3}{2}years }$

∴ Amount after 18 months =

$★\small\ \mathtt \blue{ ⇛ p(1 + \frac{R}{200})^{2n }}$

$= Rs \: 1000 \times (1 + \frac{10}{200} ) ^{2 \times \frac{3}{2} }$

$= Rs \: 1000 \times (1 + \frac{1}{20}) ^{3}$

$= Rs \: 1000 \times ( \frac{21}{20} ) ^{3}$

$= Rs \: 1000 \times \frac{21}{20} \times \frac{21}{20} \times \frac{21}{20}$

$\small\ \mathtt \green{ =Rs \: 1157.63 }$

Hence, compound interest = Amount - Principal

⇛ Rs 1157.63 - Rs 1000 = Rs 157.63

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