Find the compound interest on Rs 1000 at the rate of 8% per annum for  one and a half  years when interest is compound half-yearly.

Explanation

We know,
`P(1+ R/100)^t`
The rate has been halved because interest is compounded half yearly and for some reason, the time has been doubled.
Therefore,
`=10000(1+4/100)^2 `
`=10000xx​ 26/25xx26/25=10816`
So, interest is `10816−10000=`Rs `816`