Question

Vasudevan invested Rs $60,000$ at an interest rate of $12\%$ per annum compounded half yearly. What is the $\frac{1}{100}$th of the amount would he get after $1$year ( to the nearest integer)?

Answer 1

Amount after $1$ year $=60000(1+\frac{6}{100}{)}^2$
Rate has been halved because interest is compounded half yearly and for the same reason time has been doubled.
$=60000(\frac{106}{100}{)}^2$
$=67416$
Thus, the amount Vasudevan will get after $1$ year $=$Rs. $67,416$

$\frac{67416}{100}=674.16=674$ Answer