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Find the compound interest on Rs.8,000 for the period of years at the rate of interest 10% per annum, if the interest is compounded half yearly.

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Rs.2648

Rs.2748

Rs.2848

Rs.2948

answer is A.

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Detailed Solution

Concept: Calculate the amount using the formula first, and then compute compound interest.
Given,
The principal value = Rs.8,000
The time period is =

But assuming that interest is compounded every six months
So,

Rate of interest I s 10%
Question Image

Thus the amount is Rs.10648
Compound interest equals the difference of the principal and compound interest (10648-8000).
compound interest equals Rs. 2648.
Hence, the correct answer is option 1.

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