₹20000 is invested on compound interest (compounded half-yearly) at the rate of 20% per annum, then what will be the interest after two years? |
₹8800 ₹8824 ₹9282 ₹9428 |
₹9282 |
Interest is compounded half yearly , Rate of interest = \(\frac{20}{2}\)% = 10% From the formula for compound interest, we know, C.I = P(1+$\frac{R}{100})^t$– P = 20000 [ 1 + \(\frac{10}{100}\) ]4 - 20000 = 20000 [ \(\frac{11}{10}\) ]4 - 20000 = 20000 [ \(\frac{ 14641}{10000}\) - 1 ] = 20000 [ \(\frac{ 4641 }{10000}\) ] = Rs. 9282
|