Find the amount and the compound interest on rs 12800 for 1 year at 15/2 percent per annum compounded semi annually
If you meant 15 1/2 %, then
128000((1 + .155/2)^2 - 1) = 20,608.8
To find the amount and compound interest, we can use the formula:
A = P(1 + r/n)^(nt)
Where:
A = Total amount after interest
P = Principal amount (Initial amount)
r = Annual interest rate (in decimal form)
n = Number of times interest is compounded per year
t = Number of years
In this case, the principal amount P is Rs 12,800, the annual interest rate r is 15/2 percent (or 15/2/100 = 0.075 in decimal form), and it is compounded semi-annually (n = 2).
Plugging in these values into the formula:
A = 12800(1 + 0.075/2)^(2*1)
= 12800(1 + 0.0375)^2
= 12800(1.0375)^2
= 12800(1.07656875)
= Rs 13,814.9 (rounded to the nearest rupee)
Therefore, the amount after 1 year will be approximately Rs 13,815.
To calculate the compound interest, subtract the principal amount (Rs 12,800) from the total amount (Rs 13,815):
Compound Interest = Rs 13,815 - Rs 12,800
= Rs 1,015
Therefore, the compound interest accrued after 1 year would be Rs 1,015.