Question

The compound interest on Rs 8000 for 1 year at 16% per annum compounded half yearly is​

Answer 1

Answer:

The compound interest on Rs. 8000 for one year at 16% p.a. compounded half yearly is , given that (1.08)^2 = 1.1664 .

Step-by-step explanation:

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Answer 2

Answer:

The compound interest on the given principal is Rs 1331.20.

Step-by-step-explanation:

We have given that,

• Principal ( P ) = Rs 8000

• Rate of interest ( R ) = 16 %

• Time period ( T ) = 1 year

• Number of times interest is calculated ( N ) = 2

We have to find the compound interest.

We know that,

Amount for compound interest is given by

Amount = Principal [ 1 + ( Rate % / N ) ]ᵀᴺ

⇒ Amount = 8000 [ 1 + ( 16 % / 2 ) ]¹*²

⇒ Amount = 8000 [ 1 + ( 0.16 / 2 ) ]²

⇒ Amount = 8000 [ 1 + 0.08 ]²

⇒ Amount = 8000 ( 1.08 )²

⇒ Amount = 8000 * 1.1664

⇒ Amount = 8000 * 1.3456

⇒ Amount = Rs 9331.2

Now,

Compound interest = Amount - Principal

⇒ Compound interest = Rs 9331.2 - Rs 8000

⇒ Compound interest = Rs 1331.20

∴ The compound interest on the given principal is Rs 1331.20.