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  • Vasudevan invested Rs 60,000 at an interest rate of 12% per annum compounded half yearly. What amount would he get after 1 year?

5  Vasudevan invested Rs 60,000 at an interest rate of 12% per annum compounded half yearly. What amount would he get

                   (ii) after 1 year? 

Answers (1)

best_answer

Given,

Principal, P = Rs 60,000

Compound interest rate, R = 12% p.a

                                            = 6 % half yearly

For a period of 1 year. \therefore Time period, n = 2 half years (As there are 2 half years in a year.)

We know, Amount when interest is compounded annually, A =

A = P(1+\frac{R}{100})^n

 A = 60000(1+\frac{6}{100})^2= Rs 67416 

After 1 year, Vasudevan would get an amount Rs. 67416.

Posted by

HARSH KANKARIA

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