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A sum of Rs. 6400 was invested at a rate of 24% for 1.5 years compounded half yearly. Find the compound interest.1. Rs. 2791.542. Rs. 2291.543. Rs. 2591.544. Rs. 2991.54 |
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Answer» Correct Answer - Option 3 : Rs. 2591.54 Given: Principal(P) = Rs. 6400 Rate of Interest(r) = 24% Time = 1.5 years compounded half-yearly. Formula used: If the interest is compounded half yearly, the rate of interest will be halved and time will be doubled. CI = P [1 + (R/100)]n - P Calculation: CI = 6400 [1 + (12/100)]3 - 6400 ⇒ 8991.54 – 6400 = 2591.54 On Solving, we get CI = Rs. 2591.54 ∴ The compound interest is Rs. 2591.54 |
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