How much would a sum of Rs 16000 approximately amount to in 2 years at 10% P.a

Question

How much would a sum of Rs 16000 approximately amount to in 2 years at 10% P.a compounded half-yearly?

Options:

A . Rs 17423

B . Rs 18973

C . Rs 19448

D . Rs 19880

Answer: Option C

P = Rs 16000, R = (10/2)%
Per half-year , t= 4 half-years
Therefore Amount = Rs [16000 Ã— (1+5/100)⁴]
= Rs (16000 Ã— 21/20 Ã— 21/20 Ã— 21/20 Ã— 21/20)
= Rs 1448.10 ~ Rs 19448

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