Question

If Rs.50000 is compounded every 2 months (or bi-monthly) at 6% per annum for 6 months then find the amount and compound interest.

Answer 1

Answer:

Amount = Rs 51515.05

Compound Interest = Rs ( 51515.05 - 50000)

= Rs 1515.05

Step-by-step explanation:

Principal (p) = rs 50000

Rate of interest (r) = 6 % p.a

Time (t) = 6 months = 1/2 yr

So, Amount ,

$p {(1 + \frac{r}{600} )}^{6t} \\ \\ 5000{(1 + \frac{6}{600} )}^{6 \times \frac{1}{2} } \\ \\ 50000(1 + \frac{1}{100} )^{3} \\ \\ 50000( \frac{101}{100} )^{3} \\ \\ 5000 0\times \frac{101}{100} \times \frac{101}{100} \times \frac{101}{100} \\ \\ 5 \times \frac{1030301}{100} \\ \\ \frac{5151505}{100} \\ \\ 51515.05$