Use app×
Join Bloom Tuition
One on One Online Tuition
JEE MAIN 2025 Foundation Course
NEET 2025 Foundation Course
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
9.8k views
in Compound Interest by (44.3k points)

The compound interest on ₹ 6250 at 8% per annum for 1 year, compounded half yearly, is

(a) ₹ 500 (b) ₹ 510 (c) ₹ 550 (d) ₹ 512.50

1 Answer

+1 vote
by (58.8k points)
selected by
 
Best answer

(b) ₹ 510

Explanation:

Present value= ₹ 6250

Interest rate= 8% per annum

Time=1 year

To find the amount we have the formula,

Amount (A) = P (1+(R/100))2n

Where P is present value, r is rate of interest, n is time in years.

Now substituting the values in above formula we get,

∴ A = 6250 (1 + (8/2)/100)2

⇒ A = 6250 (1+4/100)2

⇒ A = 6250 (1+1/25)2

⇒ A = 6250 (26/25)2

⇒ A = 10 × 26 × 26

⇒ A = ₹ 6760

∴ Compound interest = A – P

= 6760 – 6250 = ₹ 510

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...