Question

Find the compound interest on Rs 4000 for 1 year at 8% per annum compounded half yearly.

Answer 1

Answer:

ANSWER

Principal P=Rs.4,000. Since the interest is compounded half-yearly the number of conversion periods in 1

1

/2

years are 3. Also the rate of interest per conversion period (6 months) is 10%×

2

1

=5%(0.05 in decimal).

Thus the amount A

n

(in Rs.) is given by

A

n

=P(1+i)

n

A

3

=4,000(1+0.05)

3

=4,630.50

The compound interest is therefore Rs. (4,630.50−4,000)

=Rs.630.50.

Step-by-step explanation:

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Answer 2

The compound interest on the given amount is Rs. 326.4.

Given,

Principal = Rs. 4000

Rate = 8%

Time = 1 year.

To Find,

Compound Interest

Solution,

Here the interest compounded half yearly

So,

r = $\frac{8}{2}$ = 4% , n= 2

we will use the formula of C.I. to solve the question,

C.I. = P{(1 + $\frac{r}{100}$)ⁿ - 1}.

then,

C.I. = 4000{(1 + $\frac{4}{100}$)² - 1}.

C.I. = 4000{($\frac{104}{100}$)² - 1}

C.I. = 4000{($\frac{26}{25}$)² -1 }

C.I. = 4000 {( 676 - 625) / 625.

C.I. = 4000 × $\frac{51}{625}$.

C.I = Rs.326.4.

The compound interest on the given amount is Rs. 326.4.

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