Question

Find the compound interest on Rs 160000 for 1 year 6 months at 10% per annum compounded half yearly​

Answer 1

Answer:

Here, principal = $ 160000, rate = 10 % per annum = 5% per half-year, time = 2 years = 4 half-years.

Amount = $ {160000 × (1 + 5/100)⁴}

=$ (160000 × 21/20 × 21/20 × 21/20 × 21/20)

compound interest = $ (194481- 160000) = $ 34481.

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