Question
An individual 'P' invested ₹14,000 in a SIP with a
compound interest rate of 20% per annum, compounded semi-annually, for a duration of one and a half years. Calculate the interest earned by 'P'.Solution
ATQ,
Total amount received by P = 14000 × (1 + 0.20/2)2×1.5 = 14000 × (1 + 0.10)3 = 14000 × 1.331 = Rs. 18,634 So, the interest earned by P = 18634 – 14000 = Rs. 4,634
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