Compound Interest Practice Test 2

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Question : 33 of 40

Marks: +1, -0

Find the amount paid by Reema at the end of

2 1/2

years for Rs 600 at 7.2% per annum compounded half yearly?

Rs 620
Rs 650
Rs 670
Rs 690
Rs 600

Solution:

Time =

5/2

years
Amount

=P(1+r/{2×100})^{2t}

=600(1+7.2/200)^{5/2×2}

=600(127/125)^5

≈ Rs 650

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