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Question
On what sum of money will the compound interest for 2 years at 10% p.a. compounded half-yearly amount to Rs 3,448.10?
Solution
P =x ; t = 2 years = 4 x 6 months ; r = 10% compounded half-yearly = `10/2` % = 5 % ; A = Rs ( x + 3,448.10)
`"A" = "P" (1 + "r"/100)^"n"`
Rs ( x + 3,448.10) = x`(1 + 5/100)`
Rs (x + 3,448.10) =x × 1.05 × 1.05 × 1.05 × 1.05
Rs (x + 3,448.10) = 1.215506 x
0.215506 x = Rs3, 448.10
x = Rs 16,000.02 = Rs16, 000
On Rs 16,000 the C.I. for 2 years at 10% compounded half-yearly will be Rs 3,448.10
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