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Jagdish Sonje

· started a discussion

· 1 Months ago

ans (Question:12113.0)

check solution

Question:
What is the amount of Rs.6,500 in 2 years at 16% p.a. interest compounded half yearly?
Options:
A) 8843.17
B) 7681.60
C) 7781.60
D) 7881.60
E) None of these.
Solution:

Ans (a)

Here, the interest is compounded half-yearly. So,

Principal (P) = Rs. 6,500

Number of years (n) = 2 × 2 = 4

Rate of interest compounded half-yearly (r) = \(\cfrac{16}{2}\) = 8%

Amount = 6,500 {1 + (8/100)}4

6,500 × 1.3604

Rs. 8843.17

Knowledge Expert

· commented

· 1 Months ago

Dear student
We have updated the solution please check it.

Regards
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