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Formula for CI

Calculate com...

Question

Calculate compound interest on rupees 1600 for 1 and half year at 10% per annum when the interest is compounded half yearly

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Solution

Principal (P) = Rs. 1600
Rate (R) =10%p.a or 5% half yearly.
Period (n) = 112 years or 3 half years
∴ Amount (A) = P(1+R100)n
=Rs.1600(1+5100)3
=Rs.1600(2120)3
=Rs.1600×2120×2120×2120=Rs.1852

and C.I. = A - P
= Rs. 1852 - Rs. 1600 = Rs. 252

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