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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 22 of 22.
Charan said:   5 years ago
Well explained @Satheesh.
Vandan said:   4 years ago
Yes right, Thanks @Amazu.
Ankur Banerjee said:   7 years ago
Why the value of n is 2?
SIPU said:   1 decade ago
YA SUNDER IS CORRECT...
Shru said:   5 years ago
Thanks @Mohsin Khan.
Santu said:   1 decade ago
Thank you. Anusha.
Anu said:   8 years ago
Thank you @Anusha.
Anu said:   1 decade ago
1600+1600 = 3200.
Pragya said:   10 years ago
Good explanation.
Leejo said:   1 decade ago
@Amit:gud answer
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