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.

₹23,82,032

Interest is compounded half yearly,

Compound interest = \(\frac{12}{2}\)% = 6%

From the formula for compound interest, we know,

Amount = P(1+$\frac{R}{100})^t$

 = 2000000 [ 1 + \(\frac{6}{100}\) ]³  × [ 1 + \(\frac{6}{100}\) ]

 = 2000000 [ \(\frac{53}{50}\) × \(\frac{53}{50}\) × \(\frac{53}{50}\)
]

 = Rs. 23,82,032