The compound interest on Rs. 3000 for 1 year at 5% per annum compounded semi-annually is
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Answer:
Compound interest is Rs 151.8
Step-by-step explanation:
Principle money (P) = Rs 3000.
Time(T) = 1 year. (Compounded semiannualy)
Rate of interest(R) =5%=5/100=0.05
According to formula,
Compound interest=P(1+R/n) ^(nt) -P
=3000(1+0.05/2) ^(2) -3000
=3151.8-3000=151.8
Compound interest is Rs 151.8
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