Question
Download Solution PDFFind the compound intrest on ₹20,000 at 20% p.a for 1
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹20,000
Annual rate of interest (R) = 20% per annum
Time (n) = 1
Interest is compounded half-yearly.
Formula Used:
When interest is compounded half-yearly:
Rate per half-year (r) = R / 2 = 20% / 2 = 10%
Number of half-year periods (t) = n × 2 = 1.5 × 2 = 3
Amount (A) =
Compound Interest (CI) = Amount (A) - Principal (P)
Calculation:
Rate per half-year (r) = 10%
Number of half-year periods (t) = 3
Amount (A) =
A =
A =
A =
A =
A = ₹26,620
Compound Interest (CI) = Amount (A) - Principal (P)
CI = ₹26,620 - ₹20,000 = ₹6,620
The compound interest on ₹20,000 at 20% p.a for 1
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