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Question
If the interest is compounded half-yearly, calculate the amount when principal is Rs. 7,400; the rate of interest is 5% per annum and the duration is one year.
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Solution
Given: P = Rs. 7,400; r = 5% p.a. and n = 1 year
Since the interest is compounded half-yearly,
Then, A = `"P"( 1 + r/[ 2 xx 100] )^(n xx 2)`
= `7,400( 1 + 5/[ 2 xx 100] )^(1 xx 2)`
= `7,400( 41/40)^2`
= Rs. 7,774.63
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