What is the compound interest on Rs. 64000 for 1 year at 5% per annum, compounded half-yearly?

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Half-yearly rate = 5/2 = 2.5%. Time = 2 half-years. Amount = 64000 * (1 + 2.5/100)^2 = 64000 * (41/40)^2 = 64000 * (1681 / 1600) = 40 * 1681 = Rs. 67240. Compound Interest = 67240 - 64000 = Rs. 3240.

What is the compound interest on Rs. 64000 for 1 year at 5% per annum, compounded half-yearly? MCQ with Answer and Explanation

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