Question

In What time will 50,000 amount to
56,243.20 at 8% pace
Compounded half yearly?​

Answer 1

Answer:

Principal = ₹ 50000

Rate of interest = 8%per annum.

Time = 3/2 years = 1.5 year

The formula for interest:

A = P ( 1+r/n)^nt

Where,

P= is principal,

r =is rate of interest,

t =is time in years

n =is number of times interest compounded per year.

A= 50000 ( 1+ 0.08/2)^2 (1.5)

A= 56243.2

C.I = A-P

= 56243.2 - 50000

C.I = 6243.2

Therefore the amount is ₹50000 and the interest is ₹6343.2

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