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Question
Find the amount which Ram will get on Rs 4,096, he gave it for 18 months at `12 1/2` %per annum, interest being compounded half yearly.
Solution
P = Rs 4,096
R = `12 1/2` % per annum = `25/4` % per half year
n = 18 months
There will be 3 half years in 18 months.
Therefore,
A = Rs`[4096(1 + 25/400)^3] = Rs[4096(1 + 1/16)^3]`
= Rs `(4096xx 17/16 xx 17/16 xx 17/16)` = Rs 4913
Thus, the required amount is Rs 4,913.
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