A bank offers 5 % compound interest calculate | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(B) The interest is calculated on a half-yearly basis,so the rate per half-year is $r = \frac{5}{2} \% = 2.5 \% = 0.025$.The first deposit of $Rs. 160

Vedclass · Accepted Answer

$121$

Vedclass · Answer

(B) The interest is calculated on a half-yearly basis,so the rate per half-year is $r = \frac{5}{2} \% = 2.5 \% = 0.025$.The first deposit of $Rs. 1600$ is made on $1^{st}$ January. It earns interest for two half-yearly periods (one year).Amount of first deposit at the end of the year: $A_1 = 1600 	imes (1 + 0.025)^2 = 1600 	imes (1.025)^2 = 1600 	imes 1.050625 = Rs. 1681$.The second deposit of $Rs. 1600$ is made on $1^{st}$ July. It earns interest for one half-yearly period (six months).Amount of second deposit at the end of the year: $A_2 = 1600 	imes (1 + 0.025)^1 = 1600 	imes 1.025 = Rs. 1640$.Total amount at the end of the year: $A = A_1 + A_2 = 1681 + 1640 = Rs. 3321$.Total principal deposited: $P = 1600 + 1600 = Rs. 3200$.Interest gained: $CI = A - P = 3321 - 3200 = Rs. 121$.

$A$ bank offers $5 \%$ compound interest calculated on a half-yearly basis. $A$ customer deposits $Rs. 1600$ each on $1^{st}$ January and $1^{st}$ July of a year. At the end of the year,the amount (in $Rs.$) he would have gained by way of interest is:

Similar Questions

The difference between the simple and compound interest on a certain sum of money for $2$ years at $4 \%$ per annum is $Rs. 4$. Find the sum (In $Rs.$)?

The least number of completed years in which a sum of money put out at $20 \%$ $C.I.$ will be more than doubled is

At what rate per cent compound interest does a sum of money become $16$ times in $4$ years?

What would be the $C.I.$ obtained on an amount of $Rs. 12000$ at the rate of $9 \,p.c.p.a$ for $3$ years (in $Rs.$)?

The simple interest accrued on an amount of $Rs. 19800$ at the end of $3$ years is $Rs. 7128$. What would be the compound interest (in $Rs.$) accrued on the same amount at the same rate in the same period?

Vedclass Test Series

Exam Paper Generator

Online Exam Module