5 Vasudevan invested Rs 60,000 at an interest rate of 12% per annum compounded half yearly. What amount would he get
(i) after 6 months?
Principal, P = Rs 60,000
Compound interest rate, R = 12% p.a
= 6 % half yearly
For a period of 6 months. Time period, n = 1 half year (As there is 1 half year in 6 months.)
We know, Amount when interest is compounded annually, A =
After 6 months, Vasudevan would get an amount Rs. 63600.