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Question
What would be the compound interest on Rs 4200 for 18 months at 10% per annum compounded half-yearly?
Solution
Principal P = ₹ 4200
Rate of interest R = 10%
Duration T = 18 months = 1.5 years compounding is done half-yearly
A = P`(1 + ("R"/2)/100)^("2T")`
= `4200(1 + 10/200)^3`
= `4200(21/20)^3`
= `(4200 xx 21^3)/20^3`
= `(4200 xx 21)/2000`
= 4862.025
I = A – P
= 4862.025 – 4200
= 662.025
∴ Compound interest would be ₹ 662.025.
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