Question

In how many years will ₹10,000 earn an interest of ₹3310 at 20% per annum, with the interest being compounded half-yearly?​

Answer 1

Answer:

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Step-by-step explanation:

Using the compound interest formula, with half yearly interest. It will take exactly 18 months to earn ₹3310 in interest.

If we were using simple interest then the interest earned would be ₹3000.

The formula used is:

A= P(1+r÷n)nt.

Where A is the final amount of ₹13310.

P is the principal of ₹10,000.

r is the interest rate of 20%.

n is 2. Since the interest is compounded half yearly.

t is 1.5 years the given time period.