Mohan invested Rs.60,000 at an interest rate of 12% per annum compounded half yearly. What amount would he get after 6 months?

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Rs.67416

Rs.63600

Rs.38456

Rs.29782

answer is B.

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Detailed Solution

We know that,
Principal (P) = Rs.60000
Rate (R) = 12% per annum compounded half yearly= 6% per half year
Number of years (n) = 6 months=1 half year
Calculating the amount after 6 months by using compound interest formula,

A = P 1 + R 100 n A = 60000 1 + 6100 1 A = 60000 100 + 6 100 1 A = 600001061001 A = 63600

Hence, the amount after 6 months is Rs.63600.
Therefore, option 2 is correct.

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