Question

If the interest is compounded half yearly ,Calculate the amount when the principle is 7400, the rate of interest is 5%pa and the duration is one year. ​

Answer 1

Step-by-step explanation:

FOR FINDING COMPOUND INTEREST FOLLOWING FORMULA IS USED

P(1+R/2/100)T - P

7400(1+5/2/100)1 - 7400

7400× 100+2.5/ 100 - 7400

7400× 102.5 / 100 - 7400

74 × 102.5 -7400

7585 - 7400

COMPUNDED INTEREST = 185 ₹

WE KNOW THAT AMOUNT = PRINCIPAL + INTEREST

AMOUNT = 7400 + 185

AMOUNT = 7585 ₹