"What will be the compound interest on 75000, if it is compounded half-yearly for 1 year 6 months at 8% per annum?" solve this problem so that the answer comes "624.32"
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Answer:
CI will be 9364.8
Step-by-step explanation:
Given:
Principal amount = 75000
Interest = 8% , Rate of interest = 8% /2 = 4%
No. of half year = 3. (∵ Time = 1 year and 6 months.)
So, Amount = Principal amount { 1+(Rate/100)}³
=75000 × (1.04)³ = 84364.8
So, CI = 84364.8-75000 = 9364.8
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