Question

the bank that offers 6% compound interest calculated on a half-yearly basis. so, Sunita planned to deposit Rs. 205000 each on 1st of January and 1st of July of that same year.
what amount she would gain through interest and by end of the year

Answer 1

Answer:

$Gain=Rs. \: 12484.5$

Step-by-step explanation:

$Amount = P({1+ \frac{R}{200}})^{2n} \\ = 205000 \times ({1 + \frac{6}{200}) }^{2 \times 1} \\ = 205000 \times ({1 + \frac{3}{100}) }^{2} \\ = 205000 \times \frac{103}{100} \times \frac{103}{100} \\ = 205 \times 103 \times 10.3 \\ = Rs. \: 217484.5$

$Gain = 217484.5 - 205000 \\ =Rs. \: 12484.5$

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