Question

If the interest is compounded half-yearly ,calculate the amount when the principle is ₹7400 the rate of interest is 5% and the duration is one year.

Answer 1

COMPOUND INTEREST IS Rs. 7770/-  

Step-by-step explanation:

Compound Interest =  Principal + Interest

Here, In the Question,

The Principal (P) = Rs. 7400 /-

Rate of Interest (R) = 5% p.a

Time (T) = 1 Year

Putting the values in the given formula for Interest -

Simple Interest (SI) = $\frac{(Principal \times Rate \times Time)}{100}$

Simple Interest = $\frac{7400\times5\times \01}{100}$

Simple Interest = $74\times5$

Simple Interest = 370

Now, Simple Interest is Rs. 370 /-

So, Total Compound Interest is Rs. (7400 + 370) = Rs. 7,770 /-

Answer 2

Answer: 7774.63

Step-by-step explanation:

A= p(1+r/2×100)^2×n

A=7400(1+5/200)^2 =7400×205/200×205/200=7774.63