Question
Find the compound interest earned on Rs. 35000 at 11% per
annum, compounded half yearly, after 1 year.Solution
ATQ,
Effective rate of interest = 11 × (6/12) = 5.5%
Effective time or number of terms = 2 half years
Or, amount received = 35000 × {1 + (5.5/100)}² = 35000 × (105.5/100) × (105.5/100) = Rs. 38961.63
Therefore, interest received = 38961.63 - 35000 = Rs. 3961.63
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