Compound Interest
Compound Interest
Half yearly compound interest
Q. A man deposited Rs. 60,000 in the bank for 2 years. If the ratw of compound interest is 15 paisa per rupee per year. Find out the compound interest compounded half yearly received by the man.
Soln:
Here, Principle (P)= Rs. 60,000
Time (T)= 2 years
Rate (R)= 15 paisa per Re.
= 15% per year
Half yearly C.I= ?
We know that,
Half yearly C.I = P [ (1+ R/200) 2T - 1 ]
= 60000[(1+15/200)2*2-1]
= 60,000[(215/200)4 -1]
= 60000[ 1.335469141 - 1]
= 60000*0.355469141
= 20128.15
Therefore, the required half yearly compound interest is Rs. 20128.15.