Maths-
General
Easy

Question

If the interest is compounded half-yearly, calculate the amount when the principal is  Rs7400, the rate of interest is 5% per annum and the duration is one year.

hintHint:

From the information provided, use the formula of total amount.

The correct answer is: 7774.63 Rs


    Complete step by step solution:
    We calculate the total amount by the formula A equals P open parentheses 1 plus fraction numerator R over denominator 2 cross times 100 end fraction close parentheses to the power of 2 T end exponent…(i)
    where P is Principal amount, T is number of years and R is rate of interest
    Here, we have T = 1, P = 7400, R = 5% and A = ?
    On substituting the known values in (i), we get A equals 7400 open parentheses 1 plus fraction numerator 5 over denominator 2 cross times 100 end fraction close parentheses to the power of 2 cross times 1 end exponent
    not stretchy rightwards double arrow A equals 7400 cross times 41 over 40 cross times 41 over 40
    not stretchy rightwards double arrow A equals 7774.625 Rupees which can be rounded to 7774.63 Rs

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