In what time will RS.5000 amount to RS.5832, at 16% per annum, interest being compounded half yearly?
Dear Student
Principal = Rs 5000
Amount = Rs 5832
Rate = Rs 16% per year or 8% for 6 months = half year
A= P (1+r/100)n
5832 = 5000 ( 1+ 8/100) n
5832/5000 = (108/100)n
729/625 = (27/25)n
Therefore , (27/25)n=( 27/25)2
n = 2 half years
Therefore, the time = 2/2 = 1 year.Regards