Question

Sam invested ₹15000 at the rate of 10% per annum for 1 year.If the interest is compounded half-yearly ,then the amount received by Sam at the end of the year will be _______?

Answer 1

Compounded half yearly then 
T = 2
R = 5%
 A = P$[1 +R/100]^{T}$
    = 15000$[1 + 5/100]^{2}$
    = 15000 × 21/20 × 21/20
    = 66150/4
    = 16537.5

Answer 2

The amount received by Sam at the end of the year will be ₹16537.5.

Step-by-step explanation:

Given information:

Principal amount = ₹15000

Rate of interest = 10% = 0.1 per annum

Time = 1 year

Interest is compounded half-yearly.

Number of times interest compounded per year= 2

Formula for amount

$A=P(1+\frac{r}{n})^{nt}$

where, P is Principal , r is rate of interest, t is time in year and n is number of times interest compounded per year.

Substitute P=15000, r=0.1, t=1 and n=2 in the above formula.

$A=15000(1+\frac{0.1}{2})^{2(1)}$

$A=15000(1.05)^{2}$

$A=16537.5$

Therefore, the amount received by Sam at the end of the year will be ₹16537.5.

#Learn  more:

Find the amount and compound interest on 10,000 at 7% compound interest p.a. after 5 years.

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