Question

Find the interest on Rs 7000 at 9% rate of interest for 6 years

Answer 1

Answer:

1857.23

Step-by-step explanation:

Principal =7000, R =4%, n =2 (semiannually compounded),

t =3 years

Using the formula, we have

A=P(1+   100)   n

⇒A=7000(1+ 100 4 )   2×3

⇒A =7000×(1.04)   6

⇒A =7000×1.26531902

Amount =8857.23

Compound interest = Amount − Principal

=8857.23−7000

Compound interest =1857.23