Urmi lent rs 40,960 to neelam to purchase a shop at 12.5 % per annum .if the interest is compounded semi annually, find the interest paid by Neelam after 3/2years.
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Answer:
principal=40960
rate=12.5% p.a.
so the rate of semi annually=12.5/2
6.25%
time=3/2years
so the time in semi yearly=3/2*2
3 semi yearly
Amount(A)=p*(1-r/100)^3
A=40960(1-6.25/100)^3
A=40960(100-6.25/100)^3
A=40960(93.75/100)^3
A=40960*(0.9375)^3
A=40960*0.82397460937
A=33750
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