Question

Ranjeet makes a deposit of rs. 50,000 in the punjab national bank for a period of 2 y2 years. if the rate of interest is 12% per annum compounded half-yearly, find the maturity value of the money deposited by him.

Answer 1

The amount is Rs. 63123.848

Answer 2

Answer:66,911.27

Explanation:

p= 50,000

t= 2.5 months = 6 months of 5

r= 12% but it half yearly so it come 6%

we know CI %= X+Y+XY/100

for first two 6 month CI % will come = 6+6+6*6/100=12.36

then next 6 month CI % =12.36+6+12.36*6/100= 19.10

then next 6 month CI % = 19.10+6+19.10*6/100=26.24

for last 6 month CI% = 26.24+6+26.24*6/100= 33.82

interest = p*33.82/100= 50000*33.82/100= 16,911.27

amount = 16,911.27+50,000= 16,911.27