What amount is received at the end of every 6 months forever, if Rs 72000 kept in a bank earns 8% per annum compounded half yearly ?
Answer & explanation
Correct answer: option 3
The correct answer is option (3) : ₹2880
Given $P= ₹72000$
$r=\frac{8}{2}\text{%}=4\text{%} $ per half year
$i=\frac{4}{100}= 0.04$
So, $R= P×i$
$=7200×0.04$
$= ₹2880$