Maths-
General
Easy
Question
If the interest is compounded half-yearly, calculate the amount when the principal is Rs7400, the rate of interest is 5% per annum and the duration is one year.
Hint:
From the information provided, use the formula of total amount.
The correct answer is: 7774.63 Rs
Complete step by step solution:
We calculate the total amount by the formula 
…(i)
where P is Principal amount, T is number of years and R is rate of interest
Here, we have T = 1, P = 7400, R = 5% and A = ?
On substituting the known values in (i), we get 
Rupees which can be rounded to 7774.63 Rs
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