Vasudevan invested ₹ 60,000 at an interest rate of 12% per annum compounded half-yearly. What amount would he get
(i) after 6 months? (ii) after 1 year?

Solution:

Given that, Vasudevan invested ₹ 60,000

For Compound Interest (C.I.)

A = P[1 + (r/100)]ⁿ

P = ₹ 60,000

n = 6 months and 1 year

R = 12% p.a. compounded half-yearly

where , A = Amount, P = Principal, n = Time period and R = Rate percent

(i) For easy calculation of compound interest, we will put Interest Rate as 6% half-yearly and n = 1.

Compound Interest to be paid for 6 months

A = P[1 + (r/100)]ⁿ

A = 60000[1 + (6/100)]¹

A = 60000[(100/100) + (6/100)]

A = 60000 × (106/100)

A = 60000 × 1.06

A = ₹ 63600

(ii) Compound Interest to be paid for 12 months (1 year) compounded half yearly.

So, assume n = 2, r = 6%

A = P[1 + (r/100)]ⁿ

A = 60000[1 + (6/100)]²

A = 60000[(100/100) + (6/100)]²

A = 60000 × (106/100) × (106/100)

A = 60000 × (11236/10000)

A = 60000 × 1.1236

A = ₹ 67416

☛ Check: NCERT Solutions for Class 8 Maths Chapter 8

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Video Solution:

Vasudevan invested ₹ 60,000 at an interest rate of 12% per annum compounded half-yearly. What amount would he get (i) after 6 months? (ii) after 1 year?

Maths NCERT Solutions Class 8 Chapter 8 Exercise 8.3 Question 5

Summary:

Vasudevan invested ₹ 60,000 at an interest rate of 12% per annum compounded half-yearly. The amount would he get (i) after 6 months is ₹ 63600 (ii) after 1 year is ₹ 67416.

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