Q4 of 14 Page 93

John deposited 2500 rupees on the first of January in a bank where interest is compounded half-yearly at 6% annual rate. On the first of July, he deposits 2500 rupees more. How much would he have in his account at the end of the year?

Investment = 2500Rs

Annual rate = 6%


Since Interest is compounded half yearly, Interest has to be calculated twice a year


Half yearly rate = 3%


Amount after a year=


= 2652.25 2652(.25<.5 ignored)


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