Question

In what time will rs 1500 yield rs 496.50 as compounded interest at 20% per year compounded half yearly

Answer 1

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Answer 2

Th time taken would be 3/2 or 1.5 years

Given details are as follows:

Amount = Rs 1500

CI = Rs 496.5

Rate = 20%

Compounded = Half Yearly

The formula for Compound Interest, Compounded Half Yearly is

CI = P((1+R/200)^2T -1)

Substituting the values

496.5 = 1500((1+20/200)^2T -1)

496.5 = 1500((1+1/10)^2T -1)

496.5/ 1500 = (1+1/10)^2T -1

0.331 = (1+1/10)^2T -1

(1+1/10)^2T = 1.331

Taking Logarithms both sides

2T log (1.1) = log 1.331

2T =  log 1.331/ log 1.1

2T = log ₁₁ (1.1)^3

2T = 3

T =3/2 Years