How much should a sum of Rs 16000 approximately amount to in 2 years a – InterviewSolution

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1.

How much should a sum of Rs 16000 approximately amount to in 2 years at 10% p.a. compounded half yearly ? (a) Rs 17423 (b) Rs 18973 (c) Rs 19448 (d) Rs 19880

Answer»

(c) Rs 19448

P = Rs 16000, r = 10% p.a., = 5% per half year n = 2 years = 4 half years

\(\therefore\) Amount = 16000\(\big(1+\frac{5}{100}\big)^4\) = 16000 x \(\big(\frac{21}{20}\big)^4\)

= \(\frac{16000\times194481}{160000}\)

= 19448.10 = Rs 19448 (approx)

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