Question

The amount that Ram will pay on Rs. 8000 at the rate of 10% per annum compounded half-yearly for 1 and 1/2 year


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Answer 1

Solution:

Principal (p) = Rs8000

Rate of interest (r) = 10% p.a

= (5/2) % per half yearly

Time (t) = 1½ year

number of times interest paid (n) = 3

Now ,

Amount (A) = p[1+r/100]ⁿ

= 8000×[1+(5/2)/100]³

= 8000 × [ 1+ 1/(20×2)]³

= 8000 × [(40+1)/40]³

= 8000 × (41/40)³

= (8000×41×41×41)/(40×40×40)

= 8615.125

Therefore,

Amount (A) = Rs8615.125

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