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Answers
Step-by-step explanation:
Quantitative Aptitude ≫ Interest ≫ Compound Interest
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Question:
A sum of Rs. 15000 is lent at compound interest (compounded annually) at an interest rate of 20% per annum. If the interest is compounded half-yearly, then how much more interest (in Rs) wilm16%
l be obtained in one year?
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Options:
225
150
75
300
Correct Answer: Option 2 (Solution Below)
Solution:
The compound interest on a sum of Rs. P at R% per annum in one year,
When compounded annually, CI = P[(1 + R/100) – 1] = PR/100
When compounded half-yearly, CI = P[(1 + R/200)2 – 1]
Given, P = Rs. 15000, R = 20%
When compounded annually, CI = (15000 × 20)/100 = Rs. 3000
When compounded half-yearly, CI = 15000 × [(1 + 20/200)2 – 1] = 15000 × 0.21 = Rs. 3150
∴ Extra interest = 3150 – 3000 = Rs. 150