Question

If ₹ 15,000 is invested for $1\frac{1}{2}$ years at 12% per annum compounded half yearly, find the amount received after 1$\frac{1}{2}$ years.

Answer 1

Here, Principal (P) = ₹ 15000

Rate of interest (R) = 12% per annum
Rate of interest (R) = 6% half yearly

Time (n) = $\frac{3}{2}$ years
= 3 half years

Amount (A)
$=P{(1+\frac{R}{100})}^n=15000{(1+\frac{6}{100})}^3$

$=15000{\left(\frac{106}{100}\right)}^3=15000\times \frac{106}{100}\times \frac{106}{100}\times \frac{106}{100}$

= ₹ 17,865.24
Hence, the amount received after $1\frac{1}{2}$ years is ₹ 17,865.24