What is the amount received investment of Rs. 10240 at 25% rate of interest compounded half yearly after 1.5 years?
1. Rs. 12860
2. Rs. 14580
3. Rs. 13520
4. Rs. 15240
1. Rs. 12860
2. Rs. 14580
3. Rs. 13520
4. Rs. 15240
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Correct Answer – Option 2 : Rs. 14580
Given:
P = Rs. 5000
R = 25%
n = 2
t = 1.5 years
Formula used:
A = P × {1 + (R / n)}nt
Where P = Principal amount, R = Rate of interest in %, n = number of times interest applied per year and t = time period
Calculation:
Here A = 10240 × {1 + (25 / 100 × 2)}2 × 1.5
⇒ A = 10240 × {1 + (1 / 8)}3
⇒ A = 10240 × (9 × 9 × 9) / (8 × 8 × 8)
⇒ A = 20 × 729
⇒ A = 14580
∴ Received amount is Rs.. 14580.