Question

Vasudevan invested $Rs60,000$ at an interest rate of $12\%$ per annum compounded half-yearly. What is the amount would he get after $6$ months?

Answer 1

Rate of interest = 12% p.a = 6% per half-year,

Time = 6 months = 1 half-year

$Amount=Principal(1+\frac{R}{100}{)}^{Time}$

$Amount=60000(1+\frac{6}{100}{)}^1$

$Amount=63600$
Amount received = $Rs63,600$