Given:
P = Rs. 1200
r = 12%
t = 6 months
Formula Used:
CI = P [(1 + r/100)t– 1]
If interest compounded quarterly, then
r = 12/4 = 3%
t = 6/12 × 4 = 2 years
Solution:
CI = P [(1 + r/100)t– 1]
=> CI = 1200[(1 + 3/100)2– 1]
=> CI = 1200 × [103/100 × 103/100 – 1]
=> CI = 1200 × (10609 – 10000)/10000
=> CI = 1.2 × 609/10
=> CI = Rs. 73.08
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90 Mins English English100 Questions100 Marks90 Mins English English40 Questions30 Marks25 Mins EnglishNavjot invested a sum of ₹48,800 at 10% per annum for 1 year on compound interest (interest is compounded half-yearly). Find the amount received by him.
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