Question

Magesh invested ₹5000 at 12% p.A for one year. If the interest is compounded half yearly, find the amount he gets at the end of the year.

Answer 1

Answer:

Step-by-step explanation:

P = Rs. 5000

R = 12% annually = 6% half yearly

T = 1 year ; n = 2 (half years)

A = P(1+R/100)^n

A = 5000(1+6/100)^2

A = 5000(53/50)(53/50)

A = 5618

At the end of the year, he gets Rs. 5618.