Hafeez invested Rs. 15000 @ 10% per annum for one year. If the interest is compounded half-yearly, then the amount received by Hafeez at the end of the year will be?
Q1. Hafeez invested Rs. 15000 @ 10% per annum for one year. If the interest is compounded half-yearly, then the amount received by Hafeez at the end of the year will be?
Answer: Rs. 16,537.50
Explanation: Half-yearly compounding: rate = 5%, n = 2 periods; A = 15000 × (1.05)² = 15000 × 1.1025 = Rs.16,537.50.