Question : If interest is being compounded half-yearly, then what sum will amount to INR 51,840 in 2 years at the rate of 40% per annum on compound interest?
Option 1: INR 25,000
Option 2: INR 15,000
Option 3: INR 20,000
Option 4: INR 30,000
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: INR 25,000
Solution : Amount = INR 51,840 Term, $n$ = 2 years Rate, $R$ = 40% Let $P$ be the principal sum. When compounded half-yearly, Amount = $P(1+\frac{R}{200})^{2n}$ ⇒ 51840 = $P(1+\frac{40}{200})^{2×2}$ ⇒ 51840 = $P(1+\frac{1}{5})^{4}$ ⇒ 51840 = $P(\frac{6}{5})^{4}$ ⇒ $P = \frac{51840×625}{36×36}=25000$ Hence, the correct answer is INR 25,000.
Application | Cutoff | Selection Process | Preparation Tips | Eligibility | Exam Pattern | Admit Card
Question : The difference between the compound interest and the simple interest on a certain sum of money at 10% per annum for 2 years is INR 200. What is the sum of money, if in the case of compound interest, interest is compounded annually?
Question : At what rate of compound interest per annum, a sum of Rs. 20,000 becomes Rs. 23,152.50 in 1 year and 6 months compounded half-yearly?
Question : On a certain sum of money, the simple interest for 2 years is INR 150 at the rate of 10% per annum. What is the difference between compound interest and simple interest for 2 years if, in the case of compound interest, interest is compounded annually at the rate of 10% per
Question : Raja borrowed INR 15,000 on simple interest at the rate of 13% per annum and lent it on compound interest at the rate of 15% per annum, compounded annually. What is Raja's gain in two years?
Question : The simple interest on a certain sum of money for 2 years at 7% per annum is double the compound interest on INR 1,000 for 2 years at 10% per annum, compounded annually. What is the sum placed on simple interest?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile