CameraIcon
CameraIcon
SearchIcon
MyQuestionIcon
MyQuestionIcon
Question

Compound interest on ₹ 62,500 for 112 years at the rate of 8% per annum, compounded half yearly is


A

₹ 7,786

No worries! We‘ve got your back. Try BYJU‘S free classes today!
B

₹ 7,804

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
C

₹ 7,825

No worries! We‘ve got your back. Try BYJU‘S free classes today!
D

₹ 7,854

No worries! We‘ve got your back. Try BYJU‘S free classes today!
Open in App
Solution

The correct option is B

₹ 7,804


Here, Principal (P) = ₹ 62,500; Time (n) = 3 [As 112 years has 3 half years in it)

Rate of interest (R) = 4% [rate of interest of 8% per annum is equivalent to 4% per half year, as interest is compounded half yearly]
Amount (A)=P(1+R100)n

=62500(1+4100)3

=62500(1+125)3
=62500(2625)3

=62500×2625×2625×2625
= 70,304

Compound Interest (C.I) = A - P
= ₹ 70,304 - ₹ 62,500
= ₹ 7,804


flag
Suggest Corrections
thumbs-up
289
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Changing Times
MATHEMATICS
Watch in App
Join BYJU'S Learning Program
CrossIcon