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Home » Aptitude » Compound Interest » Question
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In what time ₹ 8,000 will amount to ₹ 9,261 at 10% per annum compound interest, when the interest is compounded half yearly ?
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- 2 years
Interest is compounded half yearly.Given that , P = ₹ 8000 , A = ₹ 9261 , Rate of interest = 5%
| Let Time = | n | years or n half-years |
| 2 |
| A = P | 1 + | R | T | ||
| 100 |
| ⇒ 9261 = 8000 | 1 + | 5 | n | ||
| 100 |
| ⇒ | 9261 | = | 21 | n | ||
| 8000 | 20 |
| ⇒ | 21 | 3 | = | 21 | n | ||||
| 20 | 20 |
| ⇒ n = 3 half years = | 3 | years = 1 | 1 | years |
| 2 | 2 |
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