Calculate the amount and compound interest, if principal is Rs $1500$ , rate is $2$ % (per six months) and compounded semi-annually.

600

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620

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640

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660

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Solution

The correct option is D Rs $660$
Given:
Principal(P) $= 1500$
Rate of interest(r) $= 2 %$
Number of years $= 2 (s e m i a n n u a l l y)$
Formula:
$A m o u n t (A) = P (1 + \frac{r}{100})^{2}$
$\Rightarrow A = 1500 (1 + \frac{2}{100})^{2}$
$\Rightarrow A = 1500 \times (1.2)^{2}$
$\Rightarrow A = 2160$
Compound Interest $= A - P$
$= 2160 - 1500$
$= 660$
Therefore, compound interest $= 660.$

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Calculate the amount and compound interest, if principal is Rs 1500, rate is 2% (per six months) and compounded semi-annually.

The correct option is D Rs 660Given:Principal(P)=1500Rate of interest(r)=2%Number of years=2(semiannually)Formula:Amount(A)=P(1+r100)2⇒A=1500(1+2100)2⇒A=1500×(1.2)2⇒A=2160Compound Interest=A−P=2160−1500=660Therefore, compound interest=660.

Calculate the amount and compound interest, if principal is Rs $1500$ , rate is $2$ % (per six months) and compounded semi-annually.