How much would a sum of Rs 16000 approximately amount to in 2 years at 10% P.a compounded half-yearly?

Compound Interest 01/11/2021

A. Rs 17423
B. Rs 18973
C. Rs 19448
D. Rs 19880

Explanation:

P = Rs 16000, R = (10/2)%

Per half-year , t= 4 half-years
Therefore Amount = Rs [16000 × (1+5/100)4]
= Rs (16000 × 21/20 × 21/20 × 21/20 × 21/20)
= Rs 1448.10 ~ Rs 19448

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