A bank offers compound interest at the rate 5% per annum calculated half yearly on its deposits. A customer deposits Rs. 2,400 each on 1st January and 1st July of a year. Find the amount he received at the end of the year.
When interest is compounded half- yearly , then rate becomes half and time gets doubled.
Final Amount = Amount received on 1st Jan principal + Amount received on 1st July principal
Final Amount =
Final Amount = Rs. 4981.5
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60 Mins English English25 Questions50 Marks15 Mins English English100 Questions200 Marks60 Mins EnglishOn an amount of ₹2,00,000, a bank gives ₹1,04,175 as interest in 3 years. If the interest is compounded annually, then what is the interest rate per annum?
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