1}Divakaran deposited a sum of 6250 rupees in the Allahabad Bank for 1 year,compounded half-yearly at 8% per annum.Find the compound interest he gets.
2}Michael borrowed 16000 rupees from a finance company at 10% per annum,compounded half-yearly.What amount of money will discharge his debt after 1.5 years.
Asked by shailjashubham | 20th Jun, 2015, 02:30: PM
Expert Answer:
Please ask one query in a single post. The first question has been solved here. You can proceed the same way for the second one.
1. Principle amount P= 6250 Rs.
Yearly interest rate is 8%. Hence, half yearly interest rate is R=4%.
The amount is deposited for 1 year and , it's compunded half yearly. Hence, time period N=2
Hence, the total amount after one year is given by
Hence, the compund interest obtained = total amount - principal amount = 6760 - 6250 = 510 Rs.
Answered by satyajit samal | 21st Jun, 2015, 10:12: AM
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