yearly
Find the compound interest on 5000 for 2 1/2 years at 5% per annum compounded half yearly.
interest bein
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Answer:
Principal= ₹5000
Rate = 5% compound half yearly so 5/ 2
= 2.5%
Time = 2 1/2 years = 30months
= 5 half years
Amount= Principal { 1+r/100}^t
= 5000{ 1+2.5/100}^5
= 5000 × 1025/1000 × 1025/1000 × 1025/1000 × 1025/1000 × 1025/1000
= 5000 × 1.025 × 1.025 × 1.025 × 1.025 × 1.025
= 5657.042
Compound Interest= Amount - Principal
= 5657.042 - 5000
= ₹657.042
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