Find the amount payable on maturity if ₹20,00,000 is invested at 12% per annum for $$\frac{3}{2}$$ years and interest is compounded half-yearly.

principal = ₹20,00,000

rate = 12% per annum

time =  $$\frac{3}{2}$$ years = 1.5 years

As given in the question, interest is compounded half-yearly. So the rate = $$\frac{12}{2}$$ = 6%.

Time = $$1.5\times2$$ = 3

amount payable on maturity = $$2000000\left(1+\frac{6}{100}\right)^3$$

= $$2000000\times\left(\frac{106}{100}\right)^3$$

= $$2000000\times\left(1.06\right)^3$$

= $$2000000\times1.191016$$

= ₹2382032