Aptitude - Compound Interest - Discussion
Discussion Forum : Compound Interest - General Questions (Q.No. 1)
1.
A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is:
Answer: Option
Explanation:
| Amount |
|
||||||||||||||||
|
|||||||||||||||||
|
|||||||||||||||||
|
|||||||||||||||||
| = Rs. 3321. |
C.I. = Rs. (3321 - 3200) = Rs. 121
Discussion:
220 comments Page 11 of 22.
Santhiya said:
4 years ago
1600* 5/100=80.
For 6 month : 80/2= 40
3200+40(including previous)=3240*5/100=162. For the next 6 month, the value will be 81.
Now we have to add 40 + 81.
For 6 month : 80/2= 40
3200+40(including previous)=3240*5/100=162. For the next 6 month, the value will be 81.
Now we have to add 40 + 81.
(8)
Jen said:
8 years ago
Hi, I don't understand how you set up the calculations in that way. The formula is fv=pv (1+r) n. Aren't the calculations suppose to be fv=1600 (1+0.05)1?
Swarna said:
1 decade ago
Such a brilliant answers I got here. How you people can make this possible?
Please give some suggestion to improve my aptitude problem solving ability.
Please give some suggestion to improve my aptitude problem solving ability.
Priya said:
1 decade ago
Can you tell me how come it's 5 months it should be 6 month written, 1 jan to 1 july the time period is 7 month in this question they ask half yearly??
NARENDRA SINGH said:
7 years ago
Ist half interest =1600*1/40 = 40,
IInd half interest/(1600+1600) * 1/40 = 80,
interest on Ist half intrest = 40 * 1/40 = 1,
Total CI= 40+80+1 = 121.
IInd half interest/(1600+1600) * 1/40 = 80,
interest on Ist half intrest = 40 * 1/40 = 1,
Total CI= 40+80+1 = 121.
INDHU said:
8 years ago
I did not understand the first calculative statement please help me.
Why [1600 x (1 + 5/2 x 100 )] this step is taken after the half-yearly count?
Why [1600 x (1 + 5/2 x 100 )] this step is taken after the half-yearly count?
Anshika said:
1 decade ago
Hey guys can someone guide me. If time period is given 3/4 years in a question of compound interest compounded annually then which formula to use?
Shubham said:
7 years ago
I think the answer is not 121. It's 122. Because here 5% in not annually, it is half yearly. It is clearly mentioned in the question. Am I right?
Umang B. said:
8 years ago
Half yearly formula is used in which for case 1: (of january) n=1;.
Half yearly formula is used in which for case 2: (of july) n=1/2(6 months);
Half yearly formula is used in which for case 2: (of july) n=1/2(6 months);
Brijesh said:
9 years ago
1:- 6 month 1600 * 5 * 1/2 * 100 = 40.
2:- 6 month 1640 + 1600 = 3240.
3240 * 5 * 1/2 * 100 = 81.
Total:-3321 - 3200 = 121.
2:- 6 month 1640 + 1600 = 3240.
3240 * 5 * 1/2 * 100 = 81.
Total:-3321 - 3200 = 121.
Post your comments here:
Quick links
Quantitative Aptitude
Verbal (English)
Reasoning
Programming
Interview
Placement Papers