What is the compound interest on Rupees 8000 at 10% pa for 2 years if the interest is calculated half yearly?

Answer

Hint: making use of the formula of compound interest.
$p {\left( {1 + \dfrac{R}{{100}}} \right)^t}$. Where P is Principal, R is Rate, t is time.Complete step-by-step answer:

In the given question we are provided
Principle, P=8000
Rate, R=5%
Time, t=3
Making use of formula
$P {\left( {1 + \dfrac{R}{{100}}} \right)^t}$. Substitute the values in this formula, we get
$
  8000{\left( {1 + \dfrac{5}{{100}}} \right)^3} \\
   = 8000{\left( {\dfrac{{105}}{{100}}} \right)^3} \\
   = 8000 \times \dfrac{{105}}{{100}} \times \dfrac{{105}}{{100}} \times \dfrac{{105}}{{100}} \\
   = 9261 \\
 $
So compound interest is 9261.

Note: For per annum compound interest is calculated for the whole year. But if in a question it was asked for half-yearly too we have to take a time period of 6 months. The calculation should be done properly.

Q.

Neeraj lent Rs. 65536 for 2 years at 1212% per annum, compounded annually. How much more could he earn if the interest were compounded half-yearly?

Q.

Find the amount and the compound interest on Rs 31250 for 112 yearsat 8% per annum, compounded half-yearly .

Q.

Find the amount and the compound interest on Rs 12800 for 1 year at 712% per annum, compounded semi-annually.

Q.

Arun took a loan of Rs 390625 from Kuber Finance. If the company charges interest at 16% per annum, compounded quarterly, what amount will discharge his debt after one year?

Q.

Sheela deposited Rs 20000 in a bank, where the interest is credited half-yearly. If the rate of interest paid by the bank is 6% per annum, what amount will she get after 1 year ?

View More

Free

IB ACIO Grade-II: Full Mock Test

100 Questions 100 Marks 60 Mins

Given:

P = 8000

R = 20% p.a.

T = 18 months

Formula used:

A = P [1 + (R/100)]n

Where, n → Number of years, P → Principal Amount, R → Rate of Interest, A → Amount

Calculation:

Here interest is compounded half-yearly.

R = 20/2% = 10%

⇒ n = 18/6 = 3

⇒ R = 10% , n = 3

A = P [1 + (R/100)]n

⇒ A = 8000 × [1 + (10/100)]3

⇒ A = 8000 × (11/10)3

⇒ A = 8000 × 11 × 11 × 11/1000

⇒ A = 8 × 1331

⇒ A = 10,648

∴ Amount earned is Rs 10,648

Last updated on Sep 21, 2022

The Intelligence Bureau has released the official notification for the IB ACIO Deputation Recruitment 2022. The application process started on 22nd June 2022 and candidates can apply for the same till 19th August 2022. A total number of 766 vacancies are released for the IB ACIO Deputation. The merit list will be created by combining the candidates' marks of GATE and the Interview. The minimum tenure of the deputation will be 3 to 5 years and can be extendable up to a maximum of 7 years. Know about the IB ACIO Eligibility criteria here.

Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!

What is compound interest on 8000 at 10% pa for 2 year if the interest is calculated half yearly?

What is the compounded annual interest for a loan amount of Rs 8000 at 10% per annum for a period of 2 years?

What is the compound interest on $1000 at 10% per annum for 2 years compounded annually?

In what time will rupees 8000 earn rupees 1261 as CI at 10% pa compounded half yearly?