A sum of Rs. 10,000.00 (ten thousand) is invested at rate of interest 8% per…
2023
A sum of Rs. 10,000.00 (ten thousand) is invested at rate of interest 8% per annum compounded half yearly. What will be the maturity amount in 1 1/2 years?
- A.
Rs 11248.64
- B.
Rs 10816.20
- C.
Rs 11200.00
- D.
Rs 10108.64
Attempted by 8 students.
Show answer & explanation
Correct answer: A
Principal (P) = Rs. 10,000. Annual rate = 8%, compounded half-yearly means rate per period = 4% and total periods = 3 (1.5 years * 2). Using formula A = P(1 + r/100)^n: Amount = 10,000 * (1.04)^3 = 10,000 * 1.124864 = Rs. 11,248.64.