rashmi lends rs 16000 at 8% per annum compounded half yearly for one and a half years to mohan. how much will she get back from mohan at the end of the said period? what interest has rashmi earned in the transaction?
Answers
Principal =Rs.16000
Amount =Rs.18522
Rate =10% annually
Here, Rate =
2
1
×10=5% half yearly
Time n=?
Amount=Principal(1+
100
R
)
n
18522=16000(1+
100
5
)
n
⇒
16000
18522
=(1+
100
5
)
n
⇒
8000
9261
=(
20
21
)
n
⇒(
20
21
)
3
=(
20
21
)
n
Answer:
<18522
Step-by-step explanation:
For 1
st
year Principal (P)=Rs.16000, Rate (R)=5% Time (T)=1 year
∴ Interest=
100
16000×5×1
=160×5=Rs.800
∴ Amount at the end of first year=Rs.16000+800=Rs.16800
For 2
nd
year Principal (P)=Rs.16800, Rate (R)=5% Time (T)=1 year
∴ Interest=
100
16800×5×1
=168×5=Rs.840
∴ Amount at the end of second year=Rs.16800+840=Rs.17640
For 3
rd
year Principal (P)=Rs.17640, Rate (R)=5% Time (T)=1 year
∴ Interest=
100
17640×5×1
=
2
1764
=Rs.882
∴ Amount at the end of third year=Rs.17640+882=Rs.18522
Hence required amount=Rs.18522