Use the CI formula to find Compound Interest for an amount on Rs. 16000 for one and half years
at the rate 10% being compounded half yearly.
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Answer:
Compound Interest = ₹2252
Step-by-step explanation:
initial amount , P = 16000
rate of interest per annum , r = 10%
time, n =( 1 1/2) × 2 = 3 half years .
using formula, C.I = P(1 + r/200)ⁿ - P
= 16000(1 + 10/200)³ - 16000
= 16000[(1 + 1/20)³ - 1]
= 16000[1 + 1/20³ + 3(1/20)(1 + 1/20) - 1 ]
= 16000[1/8000 + 3/20 × 21/20 ]
= 16000 [1/8000 + 63/400 ]
= 16000 [1/8000 + 1260/8000]
= 16000 × 1261/8000
= 2 × 1261
= 2522
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