Find the compound interest on rs.5000 at 12%per annum for 1 year, compounded half yearly
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Hi.
Good Question and Keep Progressing.
Here is your answer---
_____________________
Given---
Principal(P) = Rs. 5000
Rate(r%) = 12%
Time(n) = 1 year.
According to the question, Interest is compounded half-yearly.
Using the Formula,
A = P [ 1 + r%/100]^2n [Since, Interest is compounded Half-yearly]
A = 5000[ 1 + 12/100]^2(1)
A = 5000[ 112/100]^2
A = 5000[ 53/50]^2
A = Rs. 5618
Using the formula,
Amount =Compound Interest + Principal.
5618 = Compound Interest + 5000
Compound Interest = 5618 - 5000
Compound Interest = Rs. 618
Thus, the Compound Interest is Rs. 618.
___________________________
Hope it helps.
Have a nice day.
Good Question and Keep Progressing.
Here is your answer---
_____________________
Given---
Principal(P) = Rs. 5000
Rate(r%) = 12%
Time(n) = 1 year.
According to the question, Interest is compounded half-yearly.
Using the Formula,
A = P [ 1 + r%/100]^2n [Since, Interest is compounded Half-yearly]
A = 5000[ 1 + 12/100]^2(1)
A = 5000[ 112/100]^2
A = 5000[ 53/50]^2
A = Rs. 5618
Using the formula,
Amount =Compound Interest + Principal.
5618 = Compound Interest + 5000
Compound Interest = 5618 - 5000
Compound Interest = Rs. 618
Thus, the Compound Interest is Rs. 618.
___________________________
Hope it helps.
Have a nice day.
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