Question
Find the compound interest paid when a sum of ₹64,000 is invested for one year and six months at 5% per annum compounded half yearly.
Answer: Option D
:
D
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:
D
Given that P = ₹ 64,000 r = 5 % and n = 112 years
Since, the rate of interest is calculated annually , for 6 months it will be 2.5 %
A=P(1+r100)n
Here r = 52 % and n = 3 half years
A=64,000(1+52×100)3
A=64,000(4140)3
A=68921
∵ Compound interest = Amount - Principal
= 68921 - 64000
= ₹ 4921
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