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 |
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| = Rs. 3321. |
C.I. = Rs. (3321 - 3200) = Rs. 121
Discussion:
220 comments Page 13 of 22.
Kaviya said:
9 years ago
I don't understand it. Please give me a simple explanation.
Lesner said:
9 years ago
Only see the remaining year from starting date of deposit and multiplication done according to that value. As year remains from 1 Jan is 1 while from 1 July is 1/2. This is the main concept.
Soundarrajan said:
9 years ago
I am confused with the first step could anyone explain?
Shree said:
9 years ago
They have asked the amount, not CI. Why is CI the answer?
Yamini said:
9 years ago
Its is already given that 5% on half yearly basis than when why by the rate of interest calculated further?
Sathish said:
9 years ago
@Yamini. Read the question carefully.
Kotturi said:
9 years ago
@Yamini.
Half year CI was given. But in question, they are asking annual CI.
Half year CI was given. But in question, they are asking annual CI.
Chi said:
9 years ago
@Jyoti thanks. Very well explained.
Adithya said:
9 years ago
Very good explanation @ Anusha.
Lomoj said:
9 years ago
Good & fabulous job, Thank you all for the given solution.
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