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 6 of 22.
Maneesh said:
9 years ago
Guys we are dealing here with the condition : When interest is compounded Half-yearly having formula.
Amount = P[1+(R/2)/100]^2n .
So in 1st case we have n=1 which means time is 1 year and in 2nd case, we have n=1/2 which mean half a year, simply put these values of 'n' and u will get the desired result.
Amount = P[1+(R/2)/100]^2n .
So in 1st case we have n=1 which means time is 1 year and in 2nd case, we have n=1/2 which mean half a year, simply put these values of 'n' and u will get the desired result.
Chakri said:
7 years ago
1 year -->5%.
1/2 year -->2.5%.
At jan 1st=Rs.1600 --> 1600+(2.5% of 1600)=1600+40 = 1640.
At july 1st = Rs.1600+Previous amount + (2.5% of previous total) = 1600 + 1640 + (2.5% of(1600 + 1640)).
= 3240+81
= 3321----->At year last.
Total spent is 1600 + 1600 = 3200,
Threfore 3321 - 3200 = 121.
1/2 year -->2.5%.
At jan 1st=Rs.1600 --> 1600+(2.5% of 1600)=1600+40 = 1640.
At july 1st = Rs.1600+Previous amount + (2.5% of previous total) = 1600 + 1640 + (2.5% of(1600 + 1640)).
= 3240+81
= 3321----->At year last.
Total spent is 1600 + 1600 = 3200,
Threfore 3321 - 3200 = 121.
Student said:
1 decade ago
FV=P(1+r/n)^(nt)
FV = Future value of the deposit.
P = Principal or amount of money deposited.
r = Annual interest rate (in decimal form).
n = Number of times compounded per year (1 or 2 or 3... etc).
t = Time in years for which the money has been deposited.
Use this formula and you will get the answer.
FV = Future value of the deposit.
P = Principal or amount of money deposited.
r = Annual interest rate (in decimal form).
n = Number of times compounded per year (1 or 2 or 3... etc).
t = Time in years for which the money has been deposited.
Use this formula and you will get the answer.
Norwin said:
3 years ago
@All
It's simple;
5% of 1600 is 80.
as it is for a year, take half of 80 and add to 1600 become 1640,
Now add 1640 and 1600 from July to Dec, it becomes 3240,
Take 5%of 3240 which is 162.
As it is for the year take half of 162 which is for 6 months which becomes 81
Now add 40 and 81 which become 121.
It's simple;
5% of 1600 is 80.
as it is for a year, take half of 80 and add to 1600 become 1640,
Now add 1640 and 1600 from July to Dec, it becomes 3240,
Take 5%of 3240 which is 162.
As it is for the year take half of 162 which is for 6 months which becomes 81
Now add 40 and 81 which become 121.
(214)
Chandan anand said:
8 years ago
Here answer should be 244, because the total amount at the end of 6 months will be added to 1600. And so, the new P=A+1600.
solution:
for 6 months:
A=1600{1+(5/100)}^1
=1680
So for next 6 months:
P= 1680+1600=3280,
A=3280{1+(5/100)}^1.
=3444.
therefore, the total interest earned= 3444-3200 = 244.
solution:
for 6 months:
A=1600{1+(5/100)}^1
=1680
So for next 6 months:
P= 1680+1600=3280,
A=3280{1+(5/100)}^1.
=3444.
therefore, the total interest earned= 3444-3200 = 244.
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.
MALKHAN MEENA said:
1 decade ago
On 1st january customer deposit amount and receive end of year.
But in 1st july he deposit same amount (1600 Rs. ) and receive it after the same date (after 6 month).
It means first he deposit for 1 year and second he deposit for 6 month. And get all amount at the end of year.
But in 1st july he deposit same amount (1600 Rs. ) and receive it after the same date (after 6 month).
It means first he deposit for 1 year and second he deposit for 6 month. And get all amount at the end of year.
Naveenraj said:
1 decade ago
1600
Interest 5% in 6 month (1/2 of a year) = 5/100 * 1600 * 1/2 = 40
1640 + 1600 = 3240(principal + previnterest + new deposit)
5% of 3240 in next 6 month = 5/100 * 3240 * 1/2 = 81
End of year total = 3240 + 81 = 3321
Gain = total with interest - deposit = 3321 - 3200 = 121
Interest 5% in 6 month (1/2 of a year) = 5/100 * 1600 * 1/2 = 40
1640 + 1600 = 3240(principal + previnterest + new deposit)
5% of 3240 in next 6 month = 5/100 * 3240 * 1/2 = 81
End of year total = 3240 + 81 = 3321
Gain = total with interest - deposit = 3321 - 3200 = 121
Shubham said:
7 years ago
Jan= 1600 deposited.
Jan to july =6 month interest= 2.5% of 1600= 40.
July to dec = 2.5% of 40+ 40 = 41.
total interest on amount 1600 deposited on january= 40+41=81.
So, the interest on amount 1600 deposited on july = 40
Then, total interest = 40+81=121.
Jan to july =6 month interest= 2.5% of 1600= 40.
July to dec = 2.5% of 40+ 40 = 41.
total interest on amount 1600 deposited on january= 40+41=81.
So, the interest on amount 1600 deposited on july = 40
Then, total interest = 40+81=121.
Mahesh said:
8 years ago
A person lends certain money from bank at 10% compound interest. If he returns, Rs. 1600, Rs. 1500 and Rs. 4400 at the end of 1st, 2nd and 3rd year respectively to complete his loan. Find how much money he lends from the bank.
Please give solution for this.
Please give solution for this.
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