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Is it true that the compound interest on a sum of ₹ P for T years at R% per annum compounded annually is given by the formula $P (1 + \frac{r}{200})^{2 t} - P$ ?

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True

False

answer is B.

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Detailed Solution

Compound interest is the interest on the sum that includes the previous year's interest.
We know that the compound interest that is calculated per annum is

P (1 + \frac{r}{100})^{t} - P

where, P is the principal amount, R is the interest rate, and t is the time. and the compound interest that is calculated for half yearly is

P (1 + \frac{r}{200})^{2 t} - P

.
Hence, the given statement is false and the correct option is 2.

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