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Question
Compute the amount and the compound interest in the following by using the formulae when:
Principal = Rs 160000, Rate = 10 paise per rupee per annum compounded half-yearly, Time = 2 years.
Solution
\[\text{ Applying the rule A = P }\left( 1 + \frac{R}{100} \right)^n \text{ on the given situations, we get: }\]
\[A = 16, 000 \left( 1 + \frac{10}{200} \right)^4 \]
\[ = 16, 000 \left( 1 . 05 \right)^4 \]
= Rs 19, 448 . 1
Now,
CI = A - P
= Rs 19, 448 . 1 - Rs 16, 000
= Rs 3, 448 . 1
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