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Question 63
What will be the compound interest on a sum of ₹31,250 for 2 years at 12% p.a., if the interest is compounded 8-monthly?
Solution
Interest is compounded 8-monthly so,
Time = 2 $$\times$$ 3/2 = 3 years
Rate = $$\frac{12}{3/2}$$ = 8%
P = 31250
Compound interest = p($$1 + \frac{r}{100})^t - p$$
= 31250($$1 + \frac{8}{100})^3 - 31250$$
= 31250 $$\times \frac{108}{100} \times \frac{108}{100} \times \frac{108}{100} - 31250$$ = 39366 - 31250 = Rs.8116
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