Compute the amount and the compound interest by using the formulae whe – InterviewSolution

InterviewSolution

1.

Compute the amount and the compound interest by using the formulae when : Principal = Rs 160000, Rate = 10 paise per rupee per annum compounded half yearly, Time = 2 years.

Answer»

Given, P = Rs 160000, rate = 10% = 10/2% = 5% (half yearly), time = 2years = 2×2 = 4 quarters

A = P (1 + R/100)ⁿ

= 160000 (1 + 5/100)⁴

= 160000 (105/100)⁴

= Rs 194481

Compound interest (CI) = A-P = Rs 194481 – 160000 = Rs 34481

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