Question 153
Sudhanshu invested Rs. 15,000 at interest 10 p.c.p.a. for one year. If the interest is compounded every six months what amount wit Sudhanshu get at the end of the year ?
Solution
Interest is compounded half yearly
=> rate of interest = 10/2 = 5%
and time period = 1 * 2 = 2
=> Amount = $$15000 (1 + \frac{5}{100})^2$$
= $$15000 * \frac{21}{20} * \frac{21}{20}$$ = Rs. 16,537.50
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