Q. Pradeep makes a deposit of 50,000 in a savings scheme for a period of 112 years. If the rate of interest is 12% per annum compounded half-yearly, What is the interest gained over upon maturity.
The correct option is E 9550.8
Time period =112years = 3 cycles of 6 months each
Total amount =5000(1+6100)3=50000×5350×5350×5350=59550.8
Interest = 59550.8 -50000 = 9550.8