The compound interest on Rs 6250 at 8% per annum for 1 year, compounded half yearly, is
Rs 500
Rs 510
Rs 550
Rs 512.50
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The compound interest on Rs 6250 at 8% per annum for 1 year, compounded half yearly, is
Rs 500
Rs 510
Rs 550
Rs 512.50
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Rs 510
Step-by-step explanation:
Initial value, P = Rs.6250
Interest rate, R = 8% per annum
Time, n = 1 years
∵ Compounded half-yearly.
∴ Amount (A) = P [1 + (R/2)/100]2n [Where, P = Present value
R = Annual interest rate
n = Time in years]
∴ A = 6250 [1 +(8/2) /100]2
⇒ A = 6250 [1 + 4/100]2
⇒ A = 6250 [1 + 1/25]2
⇒ A = 6250 [26/25]2
⇒ A = 6250 × 26/25 × 26/25
⇒ A = 6250 × 26/25 × 26/25
⇒ A = 250 × 26 × 26/25
⇒ A = 10 × 26 × 26
⇒ A = 6760
∴ Amount = Rs.6760
∴ Compound interest = Rs.(6760 – 6250) [∵CI = A – P]
= Rs 510
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Answer:
ans is 510
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