InterviewSolution
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What will be the interest of 1 year 6 months (in an absolute number of rupees) at 8% annual interest on an amount of ₹ 84,500 (compounded number of rupees) if compounding interest is compounded half-yearly?1. ₹ 8,4572. ₹ 10,5513. ₹ 10,4104. ₹ 7,030 |
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Answer» Correct Answer - Option 2 : ₹ 10,551 GIVEN: principal = Rs. 84500 interest rate = 8% per annum time = 1 year 6 months compounded half-yearly CONCEPT: FORMULA USED: CALCULATION: R = 4% Time period (t) = 3 years \(A =84500(1+\frac{4}{100})^3 \) \(\\A=84500(1.04)^3\) \(\\A\approx95051\) \( \\interest =95051 - 84500=Rs10551\) ALTERNATE SOLUTION: R = 4% T = 3 years \(4\% =\frac{1}{25} \) \(\\\therefore P = 25\space ratio , A= 26\space ratio\) \(\\for\space3years\) \(\\\Rightarrow\space P=(25)^3=15625 \space ratio\) \( \\A=(26)^3 = 17576\space ratio\) \(\\interest =17576-15625=1951\space ratio \) \(\\15625\space ratio=Rs. 84500 \) \(\\\therefore 1951\space ratio \approx Rs. 10551\) |
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