Question
A bank offers interest at the rate of 10% per annum,
compounded half yearly. Find the interest received at the end of the year on a sum of Rs. 30000.Solution
ATQ,
Effective rate of interest = 10 × (6/12) = 5%
Effective time or number of terms = 2 half years
Or, amount received = 30000 × {1 + (5/100)}² = 30000 × (105/100) × (105/100) = Rs. 33075
Therefore, interest received = 33075 - 30000 = Rs. 3075
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