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Vasudevan Invested Rs 60000 at an Interest Rate of 12% per Annum Compounded Half Yearly. What Amount Would He Get - CBSE Class 8 - Mathematics

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Question

Vasudevan invested Rs 60000 at an interest rate of 12% per annum compounded half yearly. What amount would he get

(1) after 6 months?

(2) after 1 year?

Solution

1) P = Rs 60,000

Rate = 12% per annum = 6% per half year

n = 6 months = 1 half year

A = `P(1 + R/100)^n`

= Rs `[60000(1+6/100)^1] = Rs (60000 xx 106/100) =  Rs 63600`

2) There are 2 half years in 1 year.

n = 2

A = Rs `[60000(1 + 6/100)^2] = Rs (60000 xx 106/100 xx 106/100) = Rs 67416`

  Is there an error in this question or solution?

APPEARS IN

 NCERT Solution for Mathematics Textbook for Class 8 (2018 to Current)
Chapter 8: Comparing Quantities
Ex. 8.30 | Q: 5 | Page no. 134

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Solution Vasudevan Invested Rs 60000 at an Interest Rate of 12% per Annum Compounded Half Yearly. What Amount Would He Get Concept: Rate Compounded Annually Or Half Yearly (Semi Annually).
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