Question
What is the interest earned when Rs. 8000 is invested
for 18 months in a scheme which offers compound interest (compounded every 6 months) of 20% p.a.Solution
Time period = 18 ÷ 6 = 3 terms of 6 months each Effective rate of interest = 20 × (6/12) = 10% So, interest earned = 8000(1 + 10/100)³ – 8000
= 8000 × (110/100)³ – 8000
= 8000 × 1.331 – 8000
= 10648 – 8000 = Rs. 2648
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