Question : What is the difference between the compound interest on INR 6,400 for 1 year at 5% per annum compounded yearly and half-yearly?
Option 1: INR 8
Option 2: INR 9
Option 3: INR 4
Option 4: INR 7
New: SSC CHSL Tier 2 answer key released | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
Correct Answer: INR 4
Solution :
Here, interest for annually counts as simple interest and if the interest rate is half-yearly, then the rate counts as $\frac{5}{2}$ = 2.5% compounded.
Required difference = $6400\times (\frac{r}{100})^2$
= $6400\times (\frac{2.5}{100})^2$
= INR 4
Hence, the correct answer is INR 4.
Related Questions
Know More about
Staff Selection Commission Combined High ...
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Get Updates Brochure
Your Staff Selection Commission Combined Higher Secondary Level Exam brochure has been successfully mailed to your registered email id “”.
