Question 64

Calculate the amount on Rs. 37,500 @ 8% p.a compounded half yearly for $$1\frac{1}{2}$$ years.

Solution

P = Rs 37500, T= 3 half years, R = $$\frac{8}{2}$$ = 4 % half yearly

A = $$P\left(1+\frac{r}{100}\right)^n$$

A = $$37500\left(1+\frac{4}{100}\right)^3$$

A = $$37500\times\ \frac{104}{100}\times\ \frac{104}{100}\times\frac{104}{100}$$

A = Rs 42182.40

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