If a sum 15000 amount to rs.19965 in 3 year at certain rate of compound interest payable annually. How much interest does rs.15000 produce with the same rate in the same time payable semiannually.
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Step-by-step explanation:
A = p(1+r/100)³
19965 = 15000 × ( 1 + r/ 100) ³
⇒(1+r/100)³ = 19965/15000
⇒(1 + r/100)³ = 1331/1000
⇒(1 + r/100)³ =(11/10)³
⇒1 + r/100 = 11/10 (since when a³=b³, a = b)
⇒r/100 = 11/10 - 1
⇒r = 100 ×1 / 10
⇒ r= 10%
A = 15000 ×( 1 + 1/20)ˣ⁶
= 15000 × (21/20)^6 = 20101.4(approx)
Ci = 5101.4
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