Find the compound interest on Rs. 15625 for 1.5 years at 8% per annum when compounded half yearly.
Answers
Answered by
2
Answer:
Step-by-step expGiven :-
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.)
lanation:
Similar questions