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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 21 of 22.
Karthi said:   1 decade ago
Why putting 100*2 in denominator?
Niveditha said:   1 decade ago
Can any explain this sum fully?
Sahil said:   9 years ago
I got 123, How that's possible?
Adithya said:   9 years ago
Very good explanation @ Anusha.
Lithin Gowda said:   9 years ago
Thank you for all your answers.
Rohit said:   8 years ago
Very nice explanation @Prathik.
Balaji said:   1 decade ago
Very nice amit and mrudhula.
Rak said:   1 decade ago
Why subtract 3200 from 3321?
Chandra Mouleswar reddy said:   5 years ago
Good, thanks @Mohsin Khan.
Panda said:   9 years ago
From where did 3200 came?
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