Question
Download Solution PDFIf a sum of ₹9,375 is invested at 8% annual compound interest rate calculated on a half-yearly compounded basis, find the amount received after one year.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹9,375
Rate (r) = 8% per annum
Time (t) = 1 year
Compounding frequency = Half-yearly
Formula used:
A = P
Where,
n = number of compounding periods per year
t = time in years
Calculations:
A = 9375
⇒ A = 9375
⇒ A = 9375
⇒ A = 9375
⇒ A = 9375 × 1.0816
⇒ A = 10140
∴ The correct answer is option (1).
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