Simple & Compound Interest · Question 7 · Medium
Find the compound interest on ₹16,000 for 1 year at 10% per annum, compounded half-yearly.
- ₹1,600
- ₹1,680
- ₹1,720
- ₹1,640
Answer and explanation
Answer: D. ₹1,640
Explanation: Half-yearly: rate 5% for 2 periods. Amount = 16,000 × 1.05 × 1.05 = ₹17,640, so CI = ₹1,640.
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