Q. 3

# Find the amount a

Present value = Rs.6000

Interest rate = 10 % 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 = 6000 [1 + (10/2)/100]2

A = 6000 [1 + 5/100]2

A = 6000 [1 + 1/20]2

A = 6000 [21/20]2

A = 6000 × 21/20 × 21/20

A = 300 × 21 × 21/20

A = 15 × 21 × 21

A = 6615

Amount = Rs.6615

Compound interest = Rs.(6615 – 6000)

= Rs.615

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