Question
Mitch placed Rs. 32,000 in a compound interest account
with an annual rate of 30%, compounded semi-annually. After investing for a period of 15 months, calculate the total amount Mitch will receive by the end of this term.Solution
Compound interest = Sum X {1 + (rate of interest/100) }time period - Sum Effective rate of interest = 30 ÷ 2 = 15% per term So, amount after 1 year = 32,000 X (1.15) 2 = Rs. 42,320 And interest charged in next 3 months = 42,320 X 15 X 3 ÷ (12 X 100) = Rs. 1,587 So, amount after 15 months = 42,320 + 1587 = Rs. 43,907
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How often do you enjoy taking on new challenges or tasks?
How often do you prioritize the needs of others over your own needs?
Are you comfortable with public speaking?
How frequently do you feel satisfied with your present situation and the circumstances at hand?
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How do you typically handle unexpected changes or disruptions to your plans?
Do you consider yourself a risk-taker?
How do you deal with circumstances in which you must adjust to change?
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