Question

Vasudevan invested Rs. 60000 at an interest rate of 12% per annum compounded half yearly. What amount would he get after 1 year?

• A. Rs. 67416
• B. Rs. 78416
• C. Rs. 67786
• D. Rs. 45416

Answer 1

The correct option is A Rs. 67416

Here, the Principal amount $=Rs.60000$

$Rate=12\%$ per annum $=6\%$ per half year

$Time=1$ year $=2$ half years

$Amount=P{(1+\frac{R}{100})}^T$

$\therefore$ Amount after $1$ year

$=Rs.[60000\times {(1+\frac{6}{100})}^2]$

$=Rs.(60000\times \frac{106}{100}\times \frac{106}{100})$

$=Rs.67416$