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      Question

      A sum of money amounts to Rs. 2040 at 18% per annum simple

      interest after 2 years. If the same sum is invested at the same rate of interest, but compounded half-yearly, what will be its value after 1 year?
      A Rs 1782.15 Correct Answer Incorrect Answer
      B Rs 1780.25 Correct Answer Incorrect Answer
      C Rs 1777.15 Correct Answer Incorrect Answer
      D Rs 1812.15 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution


      Amount = SI + P
      => 2040 = (P * 18 * 2)/100 + P
      => 2040 = 34P/25
      => P = 2040 * 25/34
      => P = Rs. 1500
      When amount is calculated on the same sum of money for 1 year at the same rate of interest compounded annually and the interest is calculated half yearly.
      So, Amount = 1500 * (1 + 9/100)2 = Rs. 1782.15

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