Question
Download Solution PDFA man invested Rs.96,000 at the rate of 20% per annum, compounded half-yearly for 1 year. What would be 80% of the amount (in Rs.) which he will get on maturity?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹96,000
Rate (R) = 20% per annum ⇒ 10% per half-year
Time = 1 year = 2 half-years
Formula used:
Amount A = P\((1 + \frac{r}{100})^t\)
Required = 80% of A
Calculations:
A = 96000 × (1 + 10/100)2 = 96000 × (1.1)2 = 96000 × 1.21 = ₹116160
80% of ₹116160 = 116160 × 0.8 = ₹92928
∴ 80% of the amount on maturity = ₹92,928
Last updated on Dec 9, 2024
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