Question : A invested an amount of Rs. 12,000 in a fixed deposit scheme for 2 years at an interest rate of 5% per annum, compounded annually. How much amount will A get on maturity of the fixed deposit?
Option 1: Rs. 13,230
Option 2: Rs. 11,280
Option 3: Rs. 12,450
Option 4: Rs. 14,560
New: SSC MTS 2024 Application Form OUT; Direct Link
Don't Miss: Month-wise Current Affairs | Upcoming Government Exams
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Rs. 13,230
Solution : When compounded annually, $ A= P(1+\frac{R}{100})^{T}$, Where $A$ is the total amount, $P$ is the principal amount, $R$ is the rate of interest per annum, and $T$ is the time in years. Given: $P$ = Rs. 12,000 $R$ = 5% per annum $T$ = 2 years Substituting these values into the formula, $ A= 12000(1+\frac{5}{100})^{2}$ $ = 12000\times(\frac{21}{20})^{2}$ $ = 12000\times(\frac{441}{400})$ $ = 30\times 441 $ $ = 13230 $ Hence, the correct answer is Rs. 13,230.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : Rachit invests Rs. 12,000 for a 2-year period at a certain rate of simple interest per annum. Prasad invests Rs. 12,000 for a 2-year period at the same rate of interest per annum as Rachit, but in Prasad's case, the interest is compounded annually. Find the rate of
Question : Rs. 7205 is invested in a scheme of compound interest (compounding annually). If the rate of interest is 20% per annum, what is the interest earned (in Rs.) in 1 year?
Question : Find the sum of money invested by a man in a scheme that offers compound interest(compounding annually) at a 6% rate of interest per annum if compound interest for 2 years is Rs. 618.
Question : At what rate of compound interest (compounding annually) per annum will a sum of Rs. 250000 becomes Rs. 275625 in 2 years?
Question : The difference between the compound interest and the simple interest on an amount of INR 1,500 for 2 years, at a given rate of interest per annum, is INR 60. What is the rate of interest per annum, if in the case of compound interest, the interest is compounded annually?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile