Question : Find the amount of a sum of Rs. 7,500 invested on compound interest at 8% p.a. for 1.5 years when the interest is compounded half-yearly.
Option 1: Rs. 8,436.48
Option 2: Rs. 8,736.48
Option 3: Rs. 8,657.48
Option 4: Rs. 8,564.48
Correct Answer: Rs. 8,436.48
Solution :
Given: Principal($P$) = Rs. 7500
Rate($R$) = 8% compounded half yearly = 4% annually
Time 1.5 years, half-yearly($T$) = 3 years
We know that,
$ A= P(1+\frac{R}{100})^{T}$
$= 7500(1+\frac{4}{100})^{3}$
$= 7500\times\frac{26}{25}\times\frac{26}{25}\times\frac{26}{25}$
$=8436.48$
Hence, the correct answer is Rs. 8,436.48.
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