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Question

Calculate the amount on a sum of ₹8000 for 1 year at an interest rate of 10% per annum compounded half-yearly.


A

8820

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B

8880

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C

8088

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D

8802

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Solution

The correct option is A

8820


Given:

P = ₹8000

R = 10% per annum, so will be 5% if compounded half-yearly.

n = 2 (As 1 years has 2 half years in it)

Amount will be calculated by,
A = [P × (1+R100)n]

Substituting the value we get

A = 8000 × (1+5100)2

A = 8000×2120×2120

A = ₹8820


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