Find the sum which amounts to Rs 9261 at 10% per annum compound interest for 18 months ,interest payable half yearly
[tex] A=P(1+\frac{r}{n})^{nt} [/tex] , where A is amount , r is rate =10% = 0.10 , n is intervals of compounding n=2 , t is time = 18 months=1.5 years
Lets plug in
[tex] 9261=P(1+\frac{0.10}{2})^{2*1.5} [/tex]
[tex] 9261 = P(1.002)^{3} [/tex]
[tex] 9261 = P(1.006012008) [/tex]
divide both sides by 1.006012008
[tex] P= Rs 9205.6555 [/tex]
