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 4 of 22.
Pratik said:
1 decade ago
At the end of the page, formula is mentioned.
Jyoti said:
1 decade ago
Hello Friends
it is mentioned that bank give interest on half yearly Basis
jan to june thr is 6 months
cal of jan to june:1600(5)/200=40.so total is 1640. On july money become 3240 because man deposite on july.
Now cal july to Dec:(3240)5/200=81.
Now u can see total gain is 81+40=121.
it is mentioned that bank give interest on half yearly Basis
jan to june thr is 6 months
cal of jan to june:1600(5)/200=40.so total is 1640. On july money become 3240 because man deposite on july.
Now cal july to Dec:(3240)5/200=81.
Now u can see total gain is 81+40=121.
Anu said:
1 decade ago
Hi jyoti that was really good and simple explanation.
Karthi said:
1 decade ago
Why putting 100*2 in denominator?
Dinesh said:
1 decade ago
How did you get 41/40 am not able to get that value please help me.
Ram said:
1 decade ago
First calculate CI for first deposit Jan 1st.
Here interest is compounded half early
So Formula is
Amount = P [1 + (R/2)/ 100]^2n here n is 1 year(12mnths)
so, amount is 1600[1 + 5/200]^2
and now calculate amount for money deposited on july
Formula is Amount = P [1 + (R/2)/ 100]^2n here n=1/2yrs(6mnths)
so, amount is 1600[1 + 5/200]^1
Add both amounts
and subtract 3200(ie., 1600+1600) we get CI.
Here interest is compounded half early
So Formula is
Amount = P [1 + (R/2)/ 100]^2n here n is 1 year(12mnths)
so, amount is 1600[1 + 5/200]^2
and now calculate amount for money deposited on july
Formula is Amount = P [1 + (R/2)/ 100]^2n here n=1/2yrs(6mnths)
so, amount is 1600[1 + 5/200]^1
Add both amounts
and subtract 3200(ie., 1600+1600) we get CI.
Kapil said:
1 decade ago
Why is the rate 5% halved while calculating, once it is given that it is calculated half yearly.
Chiranjit said:
1 decade ago
I can't understand (1+5/2*10). Please explain it.
Anusha said:
1 decade ago
Calculate first deposit jan 1st
amount= p[1+(R/2)/100]^2n here n is 1 year
so amount = 1600[1+(5/2)/100]^2
=1600[1+(5/200)]^2
=1600[1+(1/40)]^2
=1600[41/40]^2
=1681.
now cal amount for money deposited on july
amount=p[1+(R/2)/100]^2n n=1/2 yr
=1600[1+(5/200)]
=1600[41/40]
=1640.
add both amounts
1681+1640=3321
1600 twice the customer deposited 1600*2=3200
3321-3200=121.
amount= p[1+(R/2)/100]^2n here n is 1 year
so amount = 1600[1+(5/2)/100]^2
=1600[1+(5/200)]^2
=1600[1+(1/40)]^2
=1600[41/40]^2
=1681.
now cal amount for money deposited on july
amount=p[1+(R/2)/100]^2n n=1/2 yr
=1600[1+(5/200)]
=1600[41/40]
=1640.
add both amounts
1681+1640=3321
1600 twice the customer deposited 1600*2=3200
3321-3200=121.
Digvijay said:
1 decade ago
Thanks to anusha I was confused in second part.
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