InterviewSolution
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A certain sum amounts to Rs. 15,500 in 2 years at 12% p.a. simple interest. If the same sum is compounded half-yearly at 10% per annum for \(1 \frac{1}{2}\) years, what will be the amount received? 1. Rs. 14,4702. Rs. 15,1253. Rs. 14,3604. Rs. 13,460 |
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Answer» Correct Answer - Option 1 : Rs. 14,470 22Given: A certain sum amounts to Rs. 15,500 in 2 years at 12% p.a. simple interest. Next time is 1.5 year and the rate of interest is 10% p.a. and interest compounded half yearly. Concept Used: Interest = Principal - amount If p be the principal and the rate of interest is r then simple interest in t year is ptr/100 If p be the principal, r be the rate of interest, the interest compounded half yearly then amount after t year will be p(1 + r/200)2t Calculation: Let the principal be p Simple interest get in 2 years at 12% p.a. simple interest is (2 × 12p)/100 ⇒ 24p/100 Amount = 24p/100 + p ⇒ 124p/100 Accordingly, 124p/100 = 15500 ⇒ p = 12500 The principal is 12500 Total time is 1.5 year The rate of interest is 10% p.a. Interest compounded half yearly Amount after 1.5 years will be 12500 × (1 + 10/200)1.5 × 2 ⇒ 12500 × (21/20)3 ⇒ 14470.31 ⇒ 14470 ∴ The amount will be 14470 after 1.5 year |
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