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 3 of 22.
Cherry said:
1 decade ago
Hi amit , c.I formula is A=p*(1+(r/100)^n) , so i understood the first step , but what s that i am expecting in the 2nd step is Amount = P * [ 1 + { (1/2)* R/100}^1/2 } , why isn't any sqrareroot included there. i mean to say u should mention the "n" i.e no. of years ass "half" right , as we are calculating only for 1/2 year , from july 1st to jan 1 st
Leejo said:
1 decade ago
@Amit:gud answer
Siri said:
1 decade ago
What is formula for simple interest?
Priya said:
1 decade ago
Can you tell me how come it's 5 months it should be 6 month written, 1 jan to 1 july the time period is 7 month in this question they ask half yearly??
Priya said:
1 decade ago
He deposit second time in july know. Beforre that tere are 6 months. So it is termed as half yearly. Is it clear.
Niveditha said:
1 decade ago
Can any explain this sum fully?
Mrudhula said:
1 decade ago
Let me explain in my point of view...
Firstly... i have calculated the compound interest of 1600/- for 1year..i.e,
[1600*[1+(5/100)]]=80
Then at 7th month the total amount=3200/-
So the compound interest of 3200 for (1/2)year is..
[3200*[1+(5/200)]^2]=162
Now the average of 80 and 162 is..
(80+162)/2 = 121
Firstly... i have calculated the compound interest of 1600/- for 1year..i.e,
[1600*[1+(5/100)]]=80
Then at 7th month the total amount=3200/-
So the compound interest of 3200 for (1/2)year is..
[3200*[1+(5/200)]^2]=162
Now the average of 80 and 162 is..
(80+162)/2 = 121
Prasad Shetty said:
1 decade ago
Hi Amit, you have explained the problem correctly and good thinking.
Balaji said:
1 decade ago
Very nice amit and mrudhula.
Satheesh said:
1 decade ago
Hi Mrudhula i think u have some logical mistakes
here i will provide you the simple procedure
first calculate the C.I for first 1600 in 6 months
A=1600(1+5/200)^2*1/2
=1640
Now another 1600 is invested so now the total amount is
1640+1600=3240 now the C.I for this amount should be calculated
i,e A=3240(1+5/200)^2*1/2
A=3321 SO HE INVESTED 3200 AND THE GAIN IS 121
here i will provide you the simple procedure
first calculate the C.I for first 1600 in 6 months
A=1600(1+5/200)^2*1/2
=1640
Now another 1600 is invested so now the total amount is
1640+1600=3240 now the C.I for this amount should be calculated
i,e A=3240(1+5/200)^2*1/2
A=3321 SO HE INVESTED 3200 AND THE GAIN IS 121
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