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 16 of 22.
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.
ANUPAM DAS said:
9 years ago
1600 * 5/200 = 40(1st half)
1600 + 1600 + 40 = 3240
3240 * 5/200 = 81(2nd half )
So, total interest = 40 + 81 = 121.
1600 + 1600 + 40 = 3240
3240 * 5/200 = 81(2nd half )
So, total interest = 40 + 81 = 121.
Lithin Gowda said:
9 years ago
Thank you for all your answers.
Revant Borawat said:
9 years ago
Annually rate 5%.
for 1st installment 2.5 * 2.5 + 0.625 = 5.0625.
Amount=1681.
For 2nd 40 ÷ 1600 * 41 = 1640,
3321 - 3200 = 121.
for 1st installment 2.5 * 2.5 + 0.625 = 5.0625.
Amount=1681.
For 2nd 40 ÷ 1600 * 41 = 1640,
3321 - 3200 = 121.
S Simadri said:
9 years ago
Easy trick : compounded half yrly so 5%\2 = 2.5%.
1st half year interest : 2.5 % of 1600 = 40.
2nd half year intrest : 2.5% of 3200 + 2.5% of 40 = 81. Then CI is 40 + 81 = 121.
1st half year interest : 2.5 % of 1600 = 40.
2nd half year intrest : 2.5% of 3200 + 2.5% of 40 = 81. Then CI is 40 + 81 = 121.
Maneesh said:
9 years ago
Guys we are dealing here with the condition : When interest is compounded Half-yearly having formula.
Amount = P[1+(R/2)/100]^2n .
So in 1st case we have n=1 which means time is 1 year and in 2nd case, we have n=1/2 which mean half a year, simply put these values of 'n' and u will get the desired result.
Amount = P[1+(R/2)/100]^2n .
So in 1st case we have n=1 which means time is 1 year and in 2nd case, we have n=1/2 which mean half a year, simply put these values of 'n' and u will get the desired result.
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