In how many months will Rs 8,000 yield Rs 2,648 as compound interest at 20% per annum compounded semi-annually?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option1 ie 18.
6 months interest = 10%
P = 8000
I = 2648
2648 → 2400 + 240 + 8
30% 3% .1%
= 33.1%
Total cycles = 6 + 6 + 6 = 18 months