Question

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

​

Answer 1

Answer:

Amount = Rs.7774.625

Step-by-step explanation:

Refer the attachment

Answer 2

• Amount is Rs 7774.625.

Step-by-step explanation:

Given :-

• Principal is Rs 7400.
• Rate of interest is 5%.
• Time period is 1 year.

To find :-

• Amount.

Solution :-

• Here, Interest is compounded half yearly.

So,

$\boxed{\sf \bold{Amount = P \bigg( 1 + \dfrac{r}{200} \bigg) ^{2n} }}$

Where,

• r is rate of interest.

• P is principal.

• n is time period

Put, Values in formula :

$\sf \longrightarrow Amount = 7400 \times \bigg( 1 + \dfrac{5}{200} \bigg) ^{2 \times 1}$

$\sf \longrightarrow Amount = 7400 \times \bigg( \dfrac{200 + 5}{200} \bigg) ^{2}$

$\sf \longrightarrow Amount = 7400 \times \bigg( \dfrac{205}{200} \bigg) ^{2}$

$\sf \longrightarrow Amount = 7400 \times \dfrac{42025}{40000}$

$\sf \longrightarrow Amount = 7400 \times 1.050625$

$\longrightarrow \purple{\boxed{\sf \bold{ Amount = 7774.625}}\star}$

Therefore,

Amount is Rs 7774.625 .

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Read more!!

• If the interest will be compounded annually or yearly than formula for amount will be :

$\boxed{\sf \bold{Amount = P \times \bigg( 1 + \dfrac{r}{100} \bigg) ^{n}}}$

• Formula for compound interest is :

$\boxed{\sf \bold{Compound \: interest = Amount - Principal}}$