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Question
Find the amount and the compound interest on ₹ 32,000 for 1 year at 20% per annum compounded half-yearly.
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Solution
Principal (P) = ₹32,000
Time (t) = 1 year
Rate (r) = 20%
Amount =`"Principal"xx(1+"r"/(2xx100))^("n"xx2)`
`=₹32,000xx(1+20/200)^(1xx2)`
`=₹32,000xx(11/10)^2`
`=₹32,000xx11/10xx11/10`
= ₹38,720
C.I. = Amount − Principal
= ₹38,720 − ₹32,000
= ₹6,720
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