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 15 of 22.
Arpita Mandal said:
9 years ago
Why the amount of first six months is not included with 1600 as principal while calculating the amount of next six months?
Kumar said:
9 years ago
Most helpful for banking. Thanks to all friends.
Sahil said:
9 years ago
I got 123, How that's possible?
Panda said:
9 years ago
From where did 3200 came?
Ranjith said:
9 years ago
Why does the second part not have a square i.e ^2 for it?
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?
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