Question : At what time will Rs. 64000 amount to Rs. 68921 at 5% per annum, with interest being compounded half-yearly?
Option 1: $3$ years
Option 2: $2\frac{1}{2}$ years
Option 3: $2$ years
Option 4: $1\frac{1}{2}$ years
Correct Answer: $1\frac{1}{2}$ years
Solution : Sum, $P$ = Rs. 64000 Rate, $R$ = 5% Total amount = Rs. 68921 When compounded half-yearly, Total amount = $P(1+\frac{\frac{R}{2}}{100})^{2n} $ where $P$ is principal, $R$ is the rate of interest per annum compounded annually and $n$ is time in years. ⇒ 68921 = $64000(1+\frac{5}{200})^{2n}$ ⇒ $\frac{68921}{64000}$ = $(1.025)^{2n}$ ⇒ $(1.025)^{3}$ = $(1.025)^{2n}$ ⇒ $ 2n = 3$ ⇒ $n$ = $\frac{3}{2}$ = $1\frac{1}{2}$ years Hence, the correct answer is $1\frac{1}{2}$ years.
Result | Eligibility | Application | Selection Process | Cutoff | Admit Card | Preparation Tips
Question : Find the Rate percent per annum, if Rs. 2000 amounts to Rs. 2315.25 in a year and a half, with interest being compounded half-yearly.
Question : An amount was lent for two years at 20% per annum, compounded annually. Had the compounding been done half-yearly, the interest would have increased by Rs. 241. What was the amount (in Rs.) lent?
Question : Find the amount (integral value only) if a sum of INR 6,500 is being borrowed at 10% interest per annum for 2 years if interest is compounded half-yearly.
Question : What is the Compound Interest (in Rs.) on Rs. 12500 at the rate of 12% per annum compounded yearly for 2 years?
Question : Find the amount of a sum of Rs. 7,500 invested on compound interest at 8% p.a. for 1.5 years when the interest is compounded half-yearly.
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile