Calculate the amount and compound interest on: ₹ 8,000 for 1 year at 9% per annum compounded half yearly. (You could the year by year calculation using S.I. formula to verify).

Here,
Principal (P) = ₹ 8000,
Time (n) = 1 years = 2 half-years(compounded half yearly)
Rate of interest (R) = 9% = (9/2)% (compounded half yearly)
Amount (A) = P (1+R/100)ⁿ = 8000(1+9/2×100)² = 8000(1+9/200)²
= 8000(209/200)² = 8000 x 209/200 x 209/200 = ₹ 8,736.20
Compound Interest (C.I.) = A – P = ₹ 8736.20 – ₹ 8000 = ₹ 736.20

Class 8 Maths Chapter 8 Exercise 8.3 Solution in Video

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