the compound interest on Rs.20,000 for 2 years at 20% per annum, when compounded half yearly, is
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Answer:
Answer will be Rs 8,800
Step-by-step explanation:
20,000 for 2 years at 20% p. a., interest being compounded annually. Here, the Principal P = 20,000, number of years n = 2, rate of interest r = 20%
The amount at the end of “n" years of Investing in compound interest,
A=P(1+r/100)^n
Here, the Principal P = 20,000, number of years n = 2, rate of interest r = 20%.
Therefore, Amount A=20000(1+20100)²=20000(36/25) = Rs.28,800.
Compound Interest C.I. = Amount - Principal = 28,800 - 20,000 = Rs.8,800.
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