Find the compound interest on Rs 48,000 for one year at 8% per annum when compounded half yearly

Solution:

A deposit, compounded at annual rate of interest (r), at the end of n years is given by the formula:

A = P(1 + r/100)ⁿ

Where P = Principal (deposit)

A = Amount at the end of time period

r = annual rate of interest

n = time period

In the given problem:

P = 48000

r = 8%/2 = 4% (the interest is compounded half yearly)

n = 2 (there are two half yearly periods in a year)

A = 48000(1 + 4/100)²

= 48000(1.04)²

= 48000(1.0816)

= Rs. 51916.80

Compound Interest = A - P = 51916.80 - 48000 = Rs. 3916.80

✦ Try This: Find the compound interest on Rs 48,000 for one years at 8% per annum when compounded yearly.

P = Rs. 48000

r = 8%

n = 1

A = 48000(1 + 8/100)¹

= Rs. 51840

Compound Interest = Rs.51840 - Rs. 48000

= Rs. 3840

☛ Also Check: NCERT Solutions for Class 8 Maths Chapter 8

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NCERT Exemplar Class 8 Maths Chapter 9 Sample Problem 14

Find the compound interest on Rs 48,000 for one year at 8% per annum when compounded half yearly

Summary:

The compound interest on Rs 48,000 for one year at 8% per annum when compounded half yearly is Rs. 3916.80

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