Find the compound interest and the amount on Rs. $8000$ at $15 %$ for $1$ year, if interest is added every six months.

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Solution

Principal $= R s .8000$
Rate $= 15$ %
Amount $= {P (1 + \frac{R}{100})}^{t} = 8000 {(1 + \frac{15}{100})}^{2}$
$= 8000 {(\frac{115}{100})}^{2} = R s 10, 580$
$∴$ Compound interest $= R s 10, 580 - R s 8000 = R s 2, 580$

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