Question

find the compound interest on rupees 60000 at the rate of 10% per annum for one and half year when interest is compounded half yearly​

Answer 1

Answer:

CI=9457.5

Step-by-step explanation:

We know that,

For Compound interest,

Amount = P×(1+R/100)^T

Amount =PI +CI

CI=Amount-P

While compounding half yearly rate % will become half and time will double

New formula

Amount =P×(1+R/200)^(T×2)

Here P=60000, R=10%, T=(3/2)year

Amount= 60000×(1+10/200)^(3/2×2)

Amount= 60000×(21/20)^3

Amount=60000×9261/8000

60000+CI=60000×9261/8000

CI= 60000×9261/8000-60000

CI=60000×(9261-8000)/8000

CI=9457.5