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Find the compound interest on Rs. 1000 at the rate of 20% per annum for 18 months when interest is compounded half-yearly.
- a)Rs. 331
- b)Rs. 1331
- c)Rs. 320
- d)Rs. 325
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Find the compound interest on Rs. 1000 at the rate of 20% per annum fo...
Given that,
p = ₹1000
r = 20% = 0.2%
n = 2 times
t = 1.5 year (because 18 month equal to 1 year and half of a year.)
So A = 1000 ( 1 + 0.2/2 )^2 X 1.5
= 1000 ( 2.2/2 )^2 X 3 / 2
= 1000 ( 22 / 20 )^3
= 1000 X(22 X 22 X 22 ) / ( 20 X 20 X 20 )
= ( 22X 22 X 22 ) / 8
= 10648 / 8
= 1331
So after 18 years the accumulated amount will be ₹1331.
CORRECT OPTION IS (b).
Most Upvoted Answer
Find the compound interest on Rs. 1000 at the rate of 20% per annum fo...
Given,
Principal = Rs. 1000
Rate of interest = 20%
Time = 18 months
Interest compounded half-yearly
We need to find the compound interest.
Formula for calculating compound interest:
A = P(1 + R/100)^(n)
Where,
A = Amount
P = Principal
R = Rate of interest
n = Time in years
Since, the interest is compounded half-yearly, we need to calculate the value of n accordingly.
n = (Time in months) / (Number of compounding periods in a year)
n = 18 / 6 = 3
Now, we can substitute the values in the formula and calculate the amount.
A = 1000(1 + 20/100/2)^(3*2)
A = 1000(1.1)^6
A = Rs. 1728.10
Compound Interest = A - P = 1728.10 - 1000 = Rs. 728.10
Therefore, the compound interest on Rs. 1000 at the rate of 20% per annum for 18 months when interest is compounded half-yearly is Rs. 331 (approx).
Answer: Option A.
Principal = Rs. 1000
Rate of interest = 20%
Time = 18 months
Interest compounded half-yearly
We need to find the compound interest.
Formula for calculating compound interest:
A = P(1 + R/100)^(n)
Where,
A = Amount
P = Principal
R = Rate of interest
n = Time in years
Since, the interest is compounded half-yearly, we need to calculate the value of n accordingly.
n = (Time in months) / (Number of compounding periods in a year)
n = 18 / 6 = 3
Now, we can substitute the values in the formula and calculate the amount.
A = 1000(1 + 20/100/2)^(3*2)
A = 1000(1.1)^6
A = Rs. 1728.10
Compound Interest = A - P = 1728.10 - 1000 = Rs. 728.10
Therefore, the compound interest on Rs. 1000 at the rate of 20% per annum for 18 months when interest is compounded half-yearly is Rs. 331 (approx).
Answer: Option A.
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