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Question
Find the amount and the compound interest on Rs 8000 for \[1\frac{1}{2}\] years at 10% per annum, compounded half-yearly.
Solution
Given:
P = Rs 8, 000
R = 10 % p . a .
n = 1 . 5 years
When compounded half - yearly, we have:
\[A = P \left( 1 + \frac{R}{200} \right)^{2n} \]
\[ =\text{ Rs }8, 000 \left( 1 + \frac{10}{200} \right)^3 \]
\[ =\text{ Rs }8, 000 \left( 1 . 05 \right)^3 \]
= Rs 9, 261
Also,
CI = A - P
= Rs 9, 261 - Rs 8, 000
= Rs 1, 261
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