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Asked By:  Garv Sanganeria

In how many years will ` 10,000 earn an interest of ` 3310 at 20 % per annum, with the interest being compounded half-yearly?

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Answer of the Above Question

Answer By: Excellant

Rate for 6 months = 10% First 6 months = 10000 + 1000 = 11000 Second 6 months = 11000 + 1100 = 12100 Third 6 months = 12100 + 1210 = 13310 So, it will take 1.5 years. You can also solve using the formula for compound interest.

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