Question

If you have deposited an amount of rs. 6000 in the bank, what will it amount to after 3 years if the interest is compounded semi-annually and the rate of interest is 7 percent per annum?

Answer 1

Answer:

Hᴇʀᴇ

◉ Principal = rs6000

◉ Time. = 3years

◉ Interest. = 7%

We have deposited amount on compound interest .

And given that amount will compounded

semi annually.

✷When amount is compounded semi annually, then

$a = p( {1 + \frac{r \div 2}{100}) }^{2n}$

A = amount

p = principal

R = rate.

n = time period.

Now applying the above formula

Amount =

$6000( {1 + \frac{7}{200}) }^{2 \times 3}$

Taking LCM of given two fraction

$6000( { \frac{207}{200} )}^{6}$

amount = 6000× 1.229

amount =. 7375.531

So , we will get rs 7375.531 after time period of 3 years on compound interest.