Question

Sudhanshu invested Rs 15,000 at interest @ 10% p.a for one year. If the interest is compounded every six months

Answer 1

Answer:

Amount after 1 year = Rs 16537

Interest earned in 1 year = Rs 1537.5

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Step-by-step explanation:

Amount after n years, starting with principal P, compounding at rate r per annum, paid t times per year, is

A = ( 1 + r / t )^(nt) P

We are given:

P = 15000

r = 10% = 0.1

t = 2  ( every six months )

n = 1  ( we want the amount after 1 year)

So

A = ( 1 + 0.1 / 2 )^(2×1)  × 15000

= 1.05² × 15000

= 16537.5

The interest earned was

I = A - P = 16537.5 = 15000 = 1537.5