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Question
Find the compound interest on Rs.10000 for 2 years at 8% per annum compounded half-yearly.
Solution
Principal P = ₹ 10,000
Rate of interest R = 8% p.a. compounded half-yearly
Duration T = 2 years
A = P`(1 + (("R"/2))/100)^"2T"`
= `10000(1 + (8/2)/100)^4`
= `10000(1 + 4/100)^4`
= 10000(1.04)4
= 11698.58
I = A – P
= 11648.58 – 10000
= 1698.58
∴ Compound interest is ₹ 1698.58.
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