📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

  • google app store apple app store
  • ✖

      Question

      A Bank came up with an interesting investment plan under

      which it would offer 6% interest compounded half-yearly. Mr. 'X' deposited ₹ 80000 once at the beginning of the year and once more in the middle of the year under this scheme. How much interest would he have earned at the end of the year?
      A ₹ 3134.72 Correct Answer Incorrect Answer
      B ₹ 6363 Correct Answer Incorrect Answer
      C ₹ 9060 Correct Answer Incorrect Answer
      D ₹ 7272 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Amount at the end of the year = 80000 x {1 + (6/200)}² + 50000 x {1 + (6/200)} = 80000 x 103/100 x [(103/100) + 1] = 80000 x 103/100 x 203/100 = ₹ 167272 ∴ Interest earned = 167272 - 160000 = ₹ 7272

      Practice Next
      ask-question