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Aptitude - Compound Interest - Discussion

Discussion Forum : Compound Interest - General Questions (Q.No. 1)
Compound Interest
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:
Rs. 120
Rs. 121
Rs. 122
Rs. 123
Answer: Option
Explanation:
Amount
= Rs. 1600 x 1 + 5 2 + 1600 x 1 + 5
2 x 100 2 x 100
= Rs. 1600 x 41 x 41 + 1600 x 41
40 40 40
= Rs. 1600 x 41 41 + 1
40 40
= Rs. 1600 x 41 x 81
40 x 40
= Rs. 3321.

C.I. = Rs. (3321 - 3200) = Rs. 121

Discussion:
220 comments Page 16 of 22.
Monalisa said:   1 decade ago
I am confused somebody help me a better way to do this problem?
Rohan said:   10 years ago
Please explain the 1st question I am not able to understand.
Kaviya said:   9 years ago
I don't understand it. Please give me a simple explanation.
Baskar said:   4 years ago
How it's come 5/2*100 because r is 5% only? Explain please.
(3)
Bala said:   1 decade ago
Its a basic thing. Where did you get 3200 in this problem?
Lomoj said:   9 years ago
Good & fabulous job, Thank you all for the given solution.
Ranjith said:   9 years ago
Why does the second part not have a square i.e ^2 for it?
Shree said:   9 years ago
They have asked the amount, not CI. Why is CI the answer?
Soundarrajan said:   9 years ago
I am confused with the first step could anyone explain?
Rohit said:   5 years ago
@Gouthami.

How 1600 becomes 3240?

Please explain it.
(1)
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