Question

sum of Rs. 8000 was lent for 1.5 years at 10% per annum compound interest. If the interest is compounded half yearly, calculate the amount.​

Answer 1

9261

Step-by-step explanation:

P = 8000

t = 1.5 years = 2*1.5 half years = 3 half years

r = 10% = 10/2 half year rate = 5%

Compound Amount (CA)

= P(1 + r/100)^t

= 8000(1 + 5/100)³

= 8000(105/100)³

= 8000(21/20)³

= 8000 x {(21 x 21 x 21)/(20 x 20 x 20)}

= 21 x 21 x 21

= 441 x 21

= 9261