Find compound interest on Rs.2500 invested at 6% per annually, compound semi-annually for 8 years.
151.33
1511.73
155.73
1500.32
Explanation:
A=P(1+r)n
=2500(1+.03)16
=4011.73
The compound interest =4011.73−2500=1511.73
Let Principal = 2500, r=6%=0.06616=0.03, n=8×2=16
We know thatA=P(1+r)n
=2500(1+.03)16
=4011.73
The compound interest =4011.73−2500=1511.73