Maharashtra State BoardHSC Commerce 11th
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Find the compound interest on Rs.10000 for 2 years at 8% per annum compounded half-yearly. - Mathematics and Statistics

Sum

Find the compound interest on Rs.10000 for 2 years at 8% per annum compounded half-yearly.

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Solution

Principal P = ₹ 10,000

Rate of interest R = 8% p.a. compounded half-yearly

Duration T = 2 years

A = P`(1 + (("R"/2))/100)^"2T"`

= `10000(1 + (8/2)/100)^4`

= `10000(1 + 4/100)^4`

= 10000(1.04)4

= 11698.58

I = A – P

= 11648.58 – 10000

= 1698.58

∴ Compound interest is  ₹ 1698.58.

Concept: Simple and Compound Interest
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Balbharati Mathematics and Statistics 2 (Commerce) 11th Standard HSC Maharashtra State Board
Chapter 9 Commercial Mathematics
Exercise 9.3 | Q 5 | Page 130
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