Question

Vasudevan invested Rs 60,000 at an interest rate of 12% per annum compounded

half yearly. What amount would he get

(i) after 6 months?

(ii) after 1 year?​

Answer 1

Answer:

( i ) If interest rate compounded half yearly the Amount to be paid after 6 months = Rs 63600

( ii ) If interest rate compounded half yearly the Amount to be paid after 1 years = Rs 67416

Step-by-step explanation:

Given,

Principal ( P ) = Rs 60,000

Rate ( R ) = 12 %

( i )

For Half Yearly

Rate ( R ) = 6 %

Time ( T ) = 1

Amount ( A ) = $P(1+\frac{R}{100})^T$

                     = $60000(1+\frac{6}{100} )^1$

                     = $60000*(\frac{106}{100} )$

                     = Rs 63600

If interest rate compounded half yearly the Amount to be paid after 6 months = Rs 63600

( ii )

Rate ( R ) = 6 %

Time ( T ) = 2

Amount ( A ) =  $P(1+\frac{R}{100})^T$

                    = $60000(1+\frac{6}{100} )^2$

                    = $60000*(\frac{106}{100} )^2$

                    = Rs 67416

If interest rate compounded half yearly the Amount to be paid after 1 years = Rs 67416