Calculate the amount and compound interest on ₹ 16,000 for 1 year at 15% per annum, compounded half yearly.
Compound Interest
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Question

Calculate the amount and compound interest on ₹ 16,000 for 1 year at 15% per annum, compounded half yearly.

KnowledgeBoat · Accepted Answer

Given, Principal (P) = ₹ 16,000 Time (n) = 1 year Rate (r) = 15% compounded half-yearly When rate of interest is compounded half-yearly : By formula, A = Substituting values we get : Compound interest = Amount - Principal = ₹ 18,490 - ₹ 16,000 = ₹ 2,490 Hence, amount = ₹ 18,490 and compound interest = ₹ 2,490.

Mathematics

Calculate the amount and compound interest on ₹ 16,000 for 1 year at 15% per annum, compounded half yearly.

Compound Interest

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