Question

find the compound interest on rupees 1000 at the rate of 8% per annum for one and half year when interest is compounded half yearly

Answer 1

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$\sf{\underline{Given:}}$


$\sf{Principle}$ = Rs.$1000$

$\sf{Rate}$ $= 8\%$

$\sf{Time}$ $= \frac{3}{2} \: years$


$\sf{If\:interest\:is\:compounded\:half\:yearly.}$


$\sf{Amount}$ $= P( \frac{1 + r}{200} ) ^{2n}$

$= 1000( \frac{1 + 8}{200} ) ^{3}$

$= 1000( \frac{26}{25} )^{3}$

$= 1000 \times \frac{17576}{15625}$

$= 1124.864$


$\sf{So,}$

$\sf{Compound\:interest}$

$= 1124.864 - 1000$

$= Rs.124.864$


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