Question

Find The sum that will amount to ₹68921at5%p.a. in 1 1/2 years if the interest is compounded half yearly​

Answer 1

Answer:

The sum of money is 59,517 Rs

Step-by-step Explanations :

Given : Amount (A) = 68921 Rs

Rate of interest = 5% per annum

Time(n) = 1 and 1/2 year = 1.5 years

To find : The sum of money (P) = ?

We know that,

For Compounding half yearly,

A = P [ 1 + (R/2 / 100 ) ] ^2n

A = P ( 1 + R/200 )^2n

Substituting the given value in above formula we get,

68921 = P ( 1 + 5/100 ) ^ 2 × 1.5

68921 = P ( 105/100 ) ³

68921 = P ( 1.05 )³

68921 = P × 1.158

68921/1.158 = P

P = 59,517 Rs

Hence the sum of money is 59,517 Rs