Question

if the compound interest is calculated half yearly the interest payable at the end of one year on ₹16000 at 10% rate is​

Answer 1

Answer:

Step-by-step explanation:

It is calculated as under -

Interest rate per annum - 10%

No of rests per annum - 1 for annual, 2 for half year, 4 for Quarterly and 12 for monthly

Effective interest per rest - Per annum Interest rate divide by no of rest per annum - 10/2 = 5%

Rest Period in known time - 1–1/2 years / 6 months = 3

Interest = Principal x (1+Effective interest rate) raised to power 3 - Principal Amount

Or

16000 x 1.05 x 1,05 x 1,05 - 16000 = 2522/-

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