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.
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)
∴ Divakaran gets a CI of Rs.510.
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