Find the amount and the compound interest on ₹ 50000 for
one and half years at 8% per annum, the interest being compounded semi-annually.(without using formula)( NOT UNNECESSARY ANS)
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Find the amount and the compound interest on ₹ 50000 for
one and half years at 8% per annum, the interest being compounded semi-annually.(without using formula)( NOT UNNECESSARY ANS)
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Answer:
Step-by-step explanation:It is given that
Principal (P) = 50000
Rate of interest (r) = 8% p.a. = 4% semi-annually
Period (n)= 1
2
1
years = 3 semi-annually
We know that
Amount = P(1+r/100)
n
Substituting the values
= 50000(1+4/100)
3
By further calculation
= 50000(26/25)
3
= 50000×26/25×26/25×26/25
= 56243.20
Here
Compound interest = A - P
Substituting the values
= 56243.20−50000
= 6243.20