Q. 74.0( 25 Votes )

# Divakaran deposited a sum of Rs. 6250 in the Allahabad Bank for 1 year, compounded half-yearly at 8% per annum. Find the compound interest he gets.

Answer :

Present value = Rs.6250

Interest rate = 8 % per annum

Time = 1 years

∵ Interest is compounded half-yearly.

∴ Amount (A) = P [1 + (R/2)/100]^{2n} [Where, P = Present value

R = Annual interest rate

n = Time in years]

∴ A = 6250 [1 + (8/2)/100]^{2}

⇒ A = 6250 [1 + 4/100]^{2}

⇒ A = 6250 [26/25]^{2}

⇒ A = 6250 × 26/25 × 26/25

⇒ A = 10 × 26 × 26

⇒ A = 6760

∴ Amount = Rs.6760

∴ Compound interest = Rs.(6760 – 6250)

= Rs.510

∴ Divakaran gets a CI of Rs.510.

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