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The CI on Rs 16000 for $1\dfrac{1}{2}$ years at 10% p.a payable half yearly is [a] Rs 2222 [b] Rs 2522 [c] Rs 2500 [d] None of theseAnswer Verified Hint: Find the half yearly interest rate on the amount. Convert $1\dfrac{1}{2}$ years into half years and use the fact that if an amount P is compounded half-yearly with half yearly interest rate to be r for n half years, then the amount after n half years is given by $A=P{{\left( 1+r \right)}^{n}}$. Use the fact that the interest I is given by $I=A-P$. Hence find the interest on the given amount. Complete step by step answer: Note: Alternative Solution: We calculate the amount at the end of each half year and hence calculate the total interest. Home Find the amount and the compound interest on Rs 2500 for 2 years at 10 per annum, compounded annually. Question Open in App Solution Principal (P)=Rs. 2500Rate (r)= 10% Per annumTime (t)=2 yearsAmount, A is given by the formulaA=P(1+r100)t=2500(1+10100)2=2500×1110×1110=25×11×11=Rs.3025Compound Interest = Amount − Principal=3025−2500=Rs.525Suggest Corrections 48 Same exercise questions Q. Find the difference between the simple interest and the compound interest on Rs.5000 for 2 years at 9% per annum. Q. Ratna obtained a loan of Rs 25000 from the Syndicate Bank to renovate her house. If the rate of interest is 8% per annum, what amount will she have to pay to the bank after 2 years to discharge her debt ?
Q. Manoj deposited a sum of Rs 64000 in a post office for 3 years, compounded annually at 712% per annum. What amount will he get on maturity ? Q. Find the amount and the compound interest on Rs 15625 for 3 years at 12% per annum, compounded annually. Q. Michael borrowed Rs.16000 from a finance company at 10% per annum. compounded half-yearly. What amount of money will discharge his debt after 112years? View More What is the compound interest on ₹ 20000 for 9 months at the rate of 4% per annum when interest is compounded quarterly?Amount after 9 months =20000×(1+5100)3=20000×2120×2120×2120=23152.5Total interest =23152.5−20000=3152.5.
What will be the compound interest of 16000?Detailed Solution
3360. ∴ Compound interest = 16000 × (21/100) = 3360.
What is the compound interest on a sum of Rs 16000 at 30% per annum for an year if compounded half yearly?∴ The compound interest is Rs. 5160.
What is the compound interest on Rs 16000 for 3 years?∴ Compound interest accrued will be =22,668.80−Rs. 16,000=Rs. 6,668.80.
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