Question
A sum of Rs. 'p' is invested at a
compound interest rate of 15% per annum, compounded once every 8 months. After 16 months, the total interest earned is Rs. 1785. Determine the value of 'p'.Solution
ATQ,
Eective time = (16/8) = 2 terms Eective rate of interest = 15 × (8/12) = 10% So, interest earned = p(1 + 10/100)2 – p = 1785 Or, 1.21p – p = 1785 Or, p = 1785 ÷ 0.21 = 8500
What is the new interest subvention rate for higher education loans as per the revised Model Skill Loan Scheme in the Union Budget 2024-25?
The Banking Ombudsman Scheme is introduced under which of the following sections in Banking Regulation Act, 1949?
What does BRSR stand for in the context of SEBI's disclosure requirements for ESG responsibilities?
Which is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time?
Which of the following is in the correct order?
Shannon-Weaver’s original model of communication consist of _________ components.
A startup company with a promising technology but limited operating history and no substantial assets is seeking funding to fuel its growth and developm...
Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization, created at which Conference?
If a person is missing then after how many years is that person considered deceased after the complaint is filed?
As per the provisions of the SARFAESI Act, if the borrower fails to comply with the notice, the Bank may:
Relevant for Exams:
