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Question
If principal = Rs 1,00,000. rate of interest = 10% compounded half yearly. Find
- Interest for 6 months.
- Amount after 6 months.
- Interest for next 6 months.
- Amount after one year.
Solution
Principal (P) = ₹ 100000
Rate of interest (R) = 10% compounded half-yearly
i. Interest for 6 months,
We know that,
Compound interest, CI = A – P
Where, `A = P(1 + R/200)^n` ...[For 6 months]
∴ `A = P(1 + R/200)^n = 100000(1 + 10/200)^1` ...[∵ n = 1 for 6 months]
= `100000 xx 21/20`
= ₹ 105000
∴ Compound interest, CI = A – P
= ₹ 105000 – ₹ 100000
= ₹ 5000
ii. Amount after 6 months = ₹ 105000
iii. Interest for next 6 months
Principal = Amount after 6 months
∴ Principal (P) = ₹ 105000
Rate of interest (R) = 10%
∴ `A = P(1 + R/200)^n`
= `105000(1 + 10/200)^1` ...[∵ n = 1 for 6 months]
= `105000 xx 21/20`
= `2205000/20`
= ₹ 110250
∵ Compound interest, CI = A – P
= ₹ 110250 – ₹ 105000
= ₹ 5250
iv. Amount after one year = ₹ 110250
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