Find the compound interest on $Rs\,32000$ at 20% per annum for 1 year, compounded half yearly.
A. 6320
B. 6720
C. 6400
D. 6500
Last updated date: 28th Mar 2023
•
Total views: 306.3k
•
Views today: 4.86k
Answer
306.3k+ views
Hint: To find the compound interest, we have been given with principal, rate of interest and time, on using the formula we can easily find the compound interest.
Complete step-by-step answer:
Principal (P) = $Rs.32000$
$Rate\,R = 20\% \,per\,annum$
Since it is compounded half yearly , the rate of interest is considered for the half yearly period.
Therefore,
Rate (R) = $\dfrac{{20\% }}{2} = 10\% \,per\,half\,year$
Time (T) is 1 year = 2 half-year
$Amount = P{\left( {1 + \dfrac{R}{{100}}} \right)^T}$
On putting the values, we get,
$Amount = 32000\left( {\dfrac{{121}}{{100}}} \right)$
Therefore, when we solve it we get,
Amount = 38720
We know that, Interest = Amount – Principal, we already have the value of amount and principle, on putting the values in the formula, we get,
Interest = 38720 - 32000
Interest = Rs.6720
Note: While applying the formula take note of the time as in this question it has been given that the amount is compounded half yearly.
Complete step-by-step answer:
Principal (P) = $Rs.32000$
$Rate\,R = 20\% \,per\,annum$
Since it is compounded half yearly , the rate of interest is considered for the half yearly period.
Therefore,
Rate (R) = $\dfrac{{20\% }}{2} = 10\% \,per\,half\,year$
Time (T) is 1 year = 2 half-year
$Amount = P{\left( {1 + \dfrac{R}{{100}}} \right)^T}$
On putting the values, we get,
$Amount = 32000\left( {\dfrac{{121}}{{100}}} \right)$
Therefore, when we solve it we get,
Amount = 38720
We know that, Interest = Amount – Principal, we already have the value of amount and principle, on putting the values in the formula, we get,
Interest = 38720 - 32000
Interest = Rs.6720
Note: While applying the formula take note of the time as in this question it has been given that the amount is compounded half yearly.
Recently Updated Pages
If abc are pthqth and rth terms of a GP then left fraccb class 11 maths JEE_Main

If the pthqth and rth term of a GP are abc respectively class 11 maths JEE_Main

If abcdare any four consecutive coefficients of any class 11 maths JEE_Main

If A1A2 are the two AMs between two numbers a and b class 11 maths JEE_Main

If pthqthrth and sth terms of an AP be in GP then p class 11 maths JEE_Main

One root of the equation cos x x + frac12 0 lies in class 11 maths JEE_Main

Trending doubts
What was the capital of Kanishka A Mathura B Purushapura class 7 social studies CBSE

Difference Between Plant Cell and Animal Cell

Write an application to the principal requesting five class 10 english CBSE

Ray optics is valid when characteristic dimensions class 12 physics CBSE

Give 10 examples for herbs , shrubs , climbers , creepers

Tropic of Cancer passes through how many states? Name them.

Write the 6 fundamental rights of India and explain in detail

Write a letter to the principal requesting him to grant class 10 english CBSE

Name the Largest and the Smallest Cell in the Human Body ?
