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Question
For calculation of interest compounded half yearly, keeping the principal same, which one of the following is true?
Options
Double the given annual rate and half the given number of years.
Double the given annual rate as well as the given number of years.
Half the given annual rate as well as the given number of years.
Half the given annual rate and double the given number of years.
Solution
Half the given annual rate and double the given number of years.
Explanation:
If interest is compounded half-yearly, then `R = R/2` and T = 2T = 2n
Now, the amount will be
`A = P(1 + R/200)^(2n)`
∴ C = A – P
So, half the given annual rate and double the given number of years.
Hence, half the given annual rate and double the given number of years.
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