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Question
Calculate the amount and the compound interest for the following, when cornpounded half-yearly:
Rs 6,000 for `1 1/2` years at 10 % p.a.
Solution
Rs 6,000 for `1 1/2` years at 10 % p.a.
P = Rs 6,000 ; t = `1 1/2` years ; r = 10 % p.a. = 5 % half-yearly.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs `6000 (1 + 5/100)^2 (1 + 10/100)^(1/2)`
= Rs 6000 × 1.05 × 1.05 × `(1 + 1/2 xx 10/100)`
= Rs 61 000 x 1.05 x 1.05 x 1. 05
= Rs 6945.75
C.l. = A - P
= Rs (6,945.75 - 6,000)
= Rs 945.75
Hence, Amount= Rs 6,945.75 and C.I. =Rs 945.75
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