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A bank offers 10% interest annually, compounded half yearly. A customer deposits Rs. 3600 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.1). Rs 5492). Rs 22323). Rs 5584). Rs 279 |
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Answer» We know that, AMOUNT received after compound interest = P(1 + r/100)n Where, P is the principal amount r is the rate of interest n is the number of intervals Amount received at the END of year is GIVEN by, A = 3600(1 + 10/200)2 + 3600 (1 + 10/200)1 A = 3600 (1 + 0.05)2 + 3600 (1 + 0.05)1 A = 3969 + 3780 = 7749 Principal Amount = 3600 + 3600 = Rs. 7200 ∴ Interest gained = 7749 - 7200 = Rs. 549 |
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