Calculate the amount and compound interest on ₹ 8000 for 1 year at 9% per annum compound half yearly.
[3 marks]

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Solution

Principal (P) = ₹ 8000

Rate of interest = 9% per annum or $\frac{9}{2}$ % per half year

Number of years = 1 year

There will be 2 half years in 1 year

Amount, $A = P {[1 + \frac{R}{100}]}^{n}$
= $8000 {[1 + \frac{9}{200}]}^{2} = 8000 {[\frac{209}{200}]}^{2} = 8736.20$

[2 marks]

C.I. = A – P = ₹ 8736.20 – ₹ 8000 = ₹ 736.20
[1 mark]

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