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Question
The compound interest on Rs 8,000 for one year at 16% p.a. compounded half yearly is ______, given that (1.08)2 = 1.1664.
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Solution
The compound interest on Rs 8,000 for one year at 16% p.a. compounded half yearly is 9331.2, given that (1.08)2 = 1.1664.
Explanation:
Given, principal (P) = Rs. 8000
Time period (T) = 1 yr
Rate (R) = 16% per annum compounded half-yearly
= 0.16
Amount = `P(1 + r/n)^(nt)`
n = 2(compounded half-yearly in a year)
A = `8000(1 + 0.16/2)^(2 xx 1)`
= 8000 (1 + 0.08)2
= 8000 (1.08)2
A = 8000 × 1.1664
A = 9331.2
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