Question 129
The time in which 80,000 ambunts to 92,610 at 10% p.a. at compound interest, interest being compounded semi annually is :
Solution
Given that Rs 80000 becomes Rs 92610 at 10% per annum .
semi-annual Rate become = $$\frac{10}{2}$$ = 5%
Let number of semi-annual cycles required = T
So Using ,
Compounded Amount = P$$(1+\frac{R}{100})^T$$
92610 = 80000$$(1+\frac{5}{100})^T$$
T = 3 semi annual cycles = 1.5 years
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