📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      P invests Rs. 5,500 on compound interest at 16% p.a.

      (compounded semiannually) for 1 year. Find the interest earned by 'P'.
      A Rs.755 Correct Answer Incorrect Answer
      B Rs.650.20 Correct Answer Incorrect Answer
      C Rs.655.20 Correct Answer Incorrect Answer
      D Rs.600 Correct Answer Incorrect Answer

      Solution

      ATQ, Effective time = 2 × 1 = 2 terms Effective rate of interest = 16 × (1/2) = 8% Or, compound interest = 5,500 × (1.08)2 - 5,760 Or, compound interest = 6,415.2 - 5,760 = Rs. 655.20

      Practice Next
      More Simple and compound interest Questions
      ask-question