Q18 of 52 Page 112

Let us calculate compound interest on ₹6000 for 1 year at the rate of 8% compound interest per annum compounded at the interval of 6 months.

We know that if the rate of compound interest is r% per annum and the interest is compounded half yearly, the number of phase of compound interest in a year is 2, then the amount for n years


From given, p = ₹6000, r = 8 and n = 1


∴ Amount for 1 year







= ₹6489.6


∴ Compound interest for 1 year = ₹6489.6 - ₹6000


= ₹489.6


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