let us find compound interest on 1000 at the rate of 10% compound interest per annum and compounded the interest at 6 month interval
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Step-by-step explanation:
Here, P= 1000, r=10% per annum
and n=18 months =
12
18
years =
2
3
years =1
2
1
years
∴ Amount after 18 months =P[1+
2
1
(
100
r
)]
2n
=1000[1+
2
1
(
100
10
)]
2×
2
3
=1000(1+
200
10
)
3
=1000(
20
21
)
3
=1000×
20
21
×
20
21
×
20
21
= 1157.625
= 1157.63
C.I. =A−P
=1157.63−1000= 157.63
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