Question

find the compound interest on rs 6950 for 3 years if the interest is payable half yearly,the rate for the first two years being 6% p.a and for the third year 9% p.a

Answer 1

Given :- find the compound interest on rs 6950 for 3 years if the interest is payable half yearly,the rate for the first two years being 6% p.a and for the third year 9% p.a

Answer :-

since rate is half yearly,

• Rate will be half and time will be double .

so,

• R1 = 6/2 = 3% for 2 * 2 = 4 years .
• R2 = 9/2 = 4.5 for 1 * 2 = 2 years .

then,

→ A = P[ 1 + (R1/100) ]⁴ * [ 1 + (R2/100) ]²

→ A = 6950[1 + (3/100)]⁴ * [1 + (4.5/100)]²

→ A = 6950 * (1.03)⁴ * (1.045)²

→ A ≈ rs.8542 .

therefore,

→ CI = A - P = 8542 - 6950 = Rs.1592 (Ans.)

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