Find the compound interest and the total amount after three years if the interest is compounded half-yearly.
Principal = ₹10

Question

Find the compound interest and the total amount after three years if the interest is compounded half-yearly.
Principal = ₹102
Rate of interest = 100 percent per annum

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Ella 2 months 2021-07-27T14:11:29+00:00 1 Answers 0 views 0

Answers ( )

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    2021-07-27T14:13:26+00:00

    Solution!!

    The concept of compound interest has to be used here. The principal, rate of interest and time is given in the question. We are asked to calculate the compound interest and amount.

    Principal = Rs 102

    Rate of interest = 100%

    Time = 3 years

    Amount = P(1 + (R/2)/100)²

    Amount = 102(1 + (100/2)/100))⁶

    Amount = 102(1 + 50/100)⁶

    Amount = 102(1+1/2)⁶

    Amount = 102(3/2)⁶

    Amount = 37179/32

    Amount Rs 1161.84

    CI = Amount Principal

    CI ≈ Rs 1161.84 – Rs 102

    CI Rs 1059.84

    Abbreviations used:-

    P → Principal

    R → Rate of interest

    n → Time

    CI → Compound interest

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