Find the amount that the daily worker ram singh

Ответ:

natalieagustinlop54

16.01.2022

$9826.

Step-by-step explanation:

We are asked to find the amount that the the daily worker Ram Singh would receive if he invests Rs. 8,192 for 18 months at 12 ½% per annum and the interest is being compounded half yearly.

We will use compound interest formula to solve our given problem.

$A=P(1+\frac{r}{n})^{nT}$ , where,

$A=\text{Final amount after T years}$ ,

$r=\text{Interest rate in decimal form}$ ,

$n=\text{Number of times interest in compounding per year}$ ,

$T=\text{Time in years}$ .

Let us convert interest rate in decimal form.

$12 \frac{1}{2}\%=12.5\%=\frac{12.5}{100}=0.125$

As interest is compounded half-yearly, therefore, n will be 2.

1 year = 12 months,

18 months = 18/12 year = 1.5 year.

Upon substituting these values in compound interest formula we will get,

$A=8192(1+\frac{0.125}{2})^{2*1.5}$

$A=8192(1+0.0625)^{3}$

$A=8192(1.0625)^{3}$

A=8192*1.199462890625

A=9826

Therefore, the daily worker Ram Singh will receive $9826 after 18 months.

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Find the amount that the daily worker ram singh would receive if he invests rs. 8,192 for 18 months at 12 ½ % per annum, the interest being compounded half yearly.

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