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Calculate the amount and compound interest on ₹ 8000 for 1 year at 9% per annum compound half yearly. (You could use the year by year calculation using SI formula to verify)

Calculate the amount and compound interest on
 ₹ 8000 for 1 year at 9% per annum compound half yearly.
(You could use the year by year calculation using SI formula to verify)

Grade:12

1 Answers

Harshit Singh
askIITians Faculty 5964 Points
8 months ago
Dear Student

Principal (P) = ₹ 8000
Rate of interest = 9% per annum or 9/2 % per half year
Number of years = 1 year
There will be 2 half years in 1 year.
Amount, A =P (1 +R/100 )^n
= ₹[8000(1+9/200 )^2]
= ₹ [8000 (209/200)^2]
=₹ 8736.20
C.I. = A − P
= ₹ 8736.20 − ₹ 8000
= ₹ 736.20

Thanks

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