Question
A sum of ₹ 14000 amounts to ₹ 18515 in 2 years at a
certain rate percent p.a., interest compounded yearly. What will be the compound interest on the same sum, in the same time and at the same rate, if the interest is compounded 8-monthly?Solution
According to the question, 18515= 14000 (1 + R/100)2 1.3225 = (1 + R/100)2 1.15 =1 + R/100 R = 0.15 × 100 = 15% Now the interest when compounded 8 monthly. Number cycles for 2 years = (2 x 12)/8 = 3 Now the new rate will be 15 x 8/12. = 10%. Amount = 14000 (1 + 10/100)3 Amount = 14000 (110/100)3 Amount = 14000 (1.331) = Rs. 18634 CI = 18634-14000 = Rs. 4634 The interest is compounded 8-monthly is Rs. 4634.
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