Question
Download Solution PDFAkshat invested ₹90,625 at 8% p.a. for 1 year at compound interest, compounded half yearly. The amount received by him is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹90,625
Rate of interest (R) = 8% p.a.
Time (T) = 1 year
Compound Interest is compounded half-yearly.
Formula Used:
Amount (A) = P × (1 + R / (2 × 100))2 × T
Calculation:
Here, R is divided by 2 because interest is compounded half-yearly, and the number of times interest is compounded in a year (n) is 2.
Amount (A) = 90,625 × (1 + 8 / (2 × 100))2 × 1
⇒ Amount (A) = 90,625 × (1 + 8 / 200)2
⇒ Amount (A) = 90,625 × (1 + 0.04)2
⇒ Amount (A) = 90,625 × (1.04)2
⇒ Amount (A) = 90,625 × 1.0816
⇒ Amount (A) = ₹98,020
The amount received by Akshat is ₹98,020.
Last updated on Jul 17, 2025
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