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Compound Interest

Calculate the...

Question

Calculate the amount and compound interest on
$R s . 62, 500$ for $1 \frac{1}{2}$ year at $8$ % per annum compounded half yearly.

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Solution

P = 62,500, R = 8 %, T = 1.5 year
$= 62500 (1 + \frac{4}{100})^{3}$
Rate has been half because interest is compounded half yearly time has been doubled for this reason.
$= 62500 (\frac{26}{25})^{3}$
$= 70304.$
So Interest
$= 70304 - 62500$
$= 7804$

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