Question

what will be the compound interest on ₹5000 if it is compounded half-yearly for 1year 6months at 8% per annual​

Answer 1

Answer:

₹624.32

Step-by-step explanation:

When compounded half-yearly, the rate is halved and the time is doubled.

Principal (P) = ₹5000

Rate (R) = (8÷2) % = 4%

Time (n) = 1½ years = (3/2 × 2) years = 3 years

Amount (A) = P (1 + R/100)ⁿ

=> A = 5000 (1 + 4/100)³

=> A = 5000 (26/25)³

=> A = ₹5624.32

Compound Interest = A-P = ₹5624.32 - ₹5000 = ₹624.32