In what time will ₹ 2400 amount.

In what time will ₹ 2400 amount to ₹ 2646 at 10% p.a. compounded semi-annually?

Solution:

It is given that
Amount (A) = ₹ 2646
Principal (P) = ₹ 2400
Rate (r) = 10% p.a. or 5% semi-annually
Consider Period = n half-years
We know that
A/P = (1 + r/100)ⁿ
Substituting the values
2646/2400 = (1 + 5/100)ⁿ
By further calculation
(21/20)ⁿ = 441/400 = (21/20)²
n = 2
Therefore, the time period is 2 half years or 1 year.

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