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Question
Find the amount and the compound interest on ₹ 20,000 for `1 1/2` years at 10% per annum compounded half-yearly.
Solution
Principal (P) = ₹20,000
Time (t) = `1 1/2` years = `3/2` years
Rate (r) = 10%
Amount =`"P"xx(1+"r"/(2xx100))^("n"xx2)`
`=₹20,000xx(1+10/200)^(3/2xx2)`
`=₹20,000xx(210/200)^3`
`=₹20,000xx21/20xx21/20xx21/20`
= ₹23,152.50
C.I. = Amount − Principal
= ₹23,152.50 − ₹20,000
= ₹3,152.50
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