Compound Interest - Arithmetic Aptitude Questions and Answers

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Discussion :: Compound Interest

A bank offers 5% compound interest calculated on 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 he would have gained by way of interest is:

Rs. 120

Rs. 121

Rs. 122

Rs. 123

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Answer : Option B

Explanation :

Amount=Rs.1600* $[1+\frac { 5 } { 2*100 }]^2$ +1600* $[1+\frac { 5 } { 2*100 }]$

=Rs.[1600 $*\frac { 41 } { 40 }$ $*\frac { 41 } { 40 }$ +1600 $*\frac { 41 } { 40 }$ ]

=RS.[1600 $*\frac { 41 } { 40 }$ ( $\frac { 41 } { 40 }$ +1)]

=Rs.[ $[\frac { 1600*41*81 } { 40*40 }]$

Rs.3321

C.I. = Rs. (3321 - 3200) = Rs. 12

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