Question

Find the compound interest on Rs 15625 for 1 1/2 years at 8% per annum, interest being payable half early​

Answer 1

Answer:

Rs.1951

Step-by-step explanation:

Given :-

Principal = P = Rs.15625

Time = T = 1(1/2) year = (3/2) years.

Rate = R = 8% compounded half yearly.

To Find :-

Compound interest = CI = ?

Solution :-

we know that, when rate is compounded half yearly,

Rate = Half of given rate .

Time = Double .

so,

P = Rs.15625

T = (3/2) * 2 = 3 years.

R = 8/2 = 4% compounded yearly .

now, we know that,

CI = P[{1 + (R/100)}^T - 1]

putting all values we get,

→ CI = 15625[{1 + (4/100)}³ - 1]

→ CI = 15625[{1 + (1/25)}³ - 1]

→ CI = 15625[(26/25)³ - 1]

→ CI = 15625[(17576/15625) - 1]

→ CI = 15625 * {(17576 - 15625)/15625}

→ CI = (15625 * 1951)/15625

→ CI = Rs.1951 (Ans.)

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