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The C.I on Rs. 16000 for 1½ years at 10% p.a payable half-yearly is
- a)Rs. 2222
- b)Rs. 2522
- c)Rs.2500
- d)None of these
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
The C.I on Rs. 16000 for 1½ years at 10% p.a payable half-yearl...
Year at 10% per annum is Rs. 1600.
The formula for calculating compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = final amount
P = principal amount
r = annual interest rate
n = number of times the interest is compounded per year
t = time in years
Plugging in the given values, we get:
A = 16000(1 + 0.1/1)^(1*1)
A = 16000(1.1)^1
A = 17600
The total interest earned is:
I = A - P
I = 17600 - 16000
I = 1600
Therefore, the compound interest on Rs. 16000 for 1 year at 10% per annum is Rs. 1600.
The formula for calculating compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = final amount
P = principal amount
r = annual interest rate
n = number of times the interest is compounded per year
t = time in years
Plugging in the given values, we get:
A = 16000(1 + 0.1/1)^(1*1)
A = 16000(1.1)^1
A = 17600
The total interest earned is:
I = A - P
I = 17600 - 16000
I = 1600
Therefore, the compound interest on Rs. 16000 for 1 year at 10% per annum is Rs. 1600.
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