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    Question

    A bank offers interest at the rate of 10% per annum,

    compounded half yearly. Find the interest received at the end of the year on a sum of Rs. 30000.
    A Rs.3152 Correct Answer Incorrect Answer
    B Rs.3075 Correct Answer Incorrect Answer
    C Rs.2162 Correct Answer Incorrect Answer
    D Rs.3040 Correct Answer Incorrect Answer

    Solution

    ATQ,

    Effective rate of interest = 10 ร— (6/12) = 5%

    Effective time or number of terms = 2 half years

    Or, amount received = 30000 ร— {1 + (5/100)}ยฒ = 30000 ร— (105/100) ร— (105/100) = Rs. 33075

    Therefore, interest received = 33075 - 30000 = Rs. 3075

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