NIFT UG 2016 Question Paper with solutions

Question : 56 of 150

Marks: +1, -0

Find the compound interest on ₹ 48,000 for one year at 8% per annum when compounded half yearly.

Solution:

A=P(1+\;\;{r}/{100})^{t}

[For half yearly

r=8/2=4%\;\;\;t=1×2=2

years

=48000(1+\;\;{4}/{100})^{2}

=48000×\;\;{26}/{25}×\;\;{26}/{25}

=\;\;{384×676}/{5}

=259584/5=51916.8

∴ C.I.

=51916.8-48000

=₹3916.80

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