Sangeeta invested rs.20,000 at 8 % per annual . if the interest is compounded half yearly , then total interest earned by Sangeeta at the end of the year is:
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Sangeeta’s total interest earned in year end is Rs. 1632
Solution:
Given:
Principal amount invested by Sangeeta = Rs.20000 per year
Rate of interest per year = 8%
Interest compounded half early at interest rate 8% =
Formula to find compound interest =
r = Rate of Interest, p = Money invested, n = Time of Investment.
Compound Interest =
Total Interest earned = Compound Interest – Total amount = 21632 – 20000 = 1632
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