Question
Download Solution PDFWhat is the compound interest on a sum of Rs. 13,000 at 15% p.a. in 2 years, if the interest is compounded 8-monthly?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs.13000
Rate of interest = 15%
Concept used:
Rate of interest for 12 months = 15%
Rate of interest for 8 months = 15 × (8/12) = 10%
And 2 years = 24 months
Total 8-monthly time = 24/8 = 3
Formula:
Let P = Principal, R = rate of interest and n = time period
Compound interest = P(1 + R/100)n - P
Calculation:
∴ Compound interest = 13000(1 + 10/100)3 - 13000
⇒ 13000 × (1331/1000)
⇒ 17303 - 13000
= Rs.4303
Last updated on Jun 3, 2025
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