How much compound interest on rupees 62,500 has to pay if rate of interest is 4% per annum for 2 year compound annually
Answers
Answer:
Calculate the amount and compound interest on Rs 62,500 for 11/2 years at 8% per annum compounded half yearly
Here P = Rs 62500, T =1 1 half straight r space equals space 8 % space straight p. straight a.
Compounding half yearly,
R = 8% p.a. = 4% per half year
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#6 {main}</pre> year rightwards arrown = 3 half years.
∴ Amount = straight P open parentheses 1 plus straight R over 100 close parentheses to the power of straight n
= Rs 62500open parentheses 1 plus 4 over 100 close parentheses cubed
= Rs 62500open parentheses 26 over 25 close parentheses cubed
= Rs 62500 cross times 26 over 25 cross times 26 over 25 cross times 26 over 25
= Rs space 4 cross times 26 cross times 26 cross times 26 space equals space Rs space 70304
Amount = Rs 70304
CI = Rs 70304 - Rs 62500 = Rs 7804