Rs. 4,000 is given at 5% per annum for one year and interest is compounded half yearly, Rs. 2,000 is given at 40% per annum compounded quarterly for 1 year. The total interest received is nearest to:
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Answer (Detailed Solution Below)Option 1 : Rs. 1,130.70 Free Electric charges and coulomb's law (Basic) 10 Questions 10 Marks 10 Mins
Equivalent rate of interest for one year = 2.5 + 2.5 + (2.5 × 2.5)/100 ⇒ 5.0625% Compound interest = 4000 × 5.0625/100 = Rs. 202.5 Rate of interest quarterly = 40/4 = 10% Equivalent rate of interest = [(11/10 × 11/10 × 11/10 × 11/10) - 1] = 46.41% Compound interest = 2000 × 46.41/100 = Rs. 928.2 Total interest = 202.5 + 928.2 = Rs. 1130.70 Traditional method: Given Case-1 Principal = Rs. 4000 Rate = 5% Time = 1 year Interest compounded half yearly. Case-2 Principal = Rs. 2000 Rate = 40% Time = 1 year Interest compounded quaterly. Formula: A = P (1 + r/100)t Calculation: For case-1 r = 5/2% = 2.5% Time = 2 According to the formula A = 4000 × (102.5/100) × (102.5/100) ⇒ A = 4,202.5 CI = 4,202,5 - 4,000 = 202.5 For case-2 r = 40/4 = 10% Time = 4 According to the formula A = 2000 × (110/100) × (110/100) × (110/100) × (110/100) ⇒ A = 2,928.2 CI = 2,928.2 - 2,000 = Rs. 928.2 Total interest = 202.5 + 928.2 = Rs. 1,130.70 ∴ The total interest is Rs. 1,130.70. Last updated on Nov 29, 2022 UPSC CDS I Result declared on 21st November 2022. This is the final result for the CDS I examination 2022. Earlier, the Written Exam Result was declared for CDS II. The exam was conducted on 4th September 2022. The candidates who are qualified in the written test are eligible to attend the Interview. A total number of 6658 candidates were shortlisted for the same. The Interview Schedule is going to be released. This year a total number of 339 vacancies have been released for the UPSC CDS Recruitment 2022. Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now! At what rate per annum will Rs. 40000 yield a compound interest of Rs. 6305 in 9 months, if the interest is being compounded quarterly?
Answer (Detailed Solution Below)Option 1 : 20% Free ME Subject Test 1: Strength of Materials 20 Questions 20 Marks 18 Mins GIVEN: Principal = Rs. 40000 Compound Interest = Rs. 6305 Time = 9 months FORMULA USED: CI = P [ (1 + R/100)ᵀ – 1] CALCULATION: Let the rate of C.I be R per cent per annum. ∴ CI = P [ (1 + R/100)ᵀ – 1] ⇒ 6305 = 40000 [ (1 + R/400)3 – 1 ] [T = 9 × 4 = 36 months = 3 years because interest is calculated quarterly] ⇒ 6305/40000 = (1 + R/400)3 – 1 ⇒ (1 + R/400)3 – 1 = 1,261/8,000 ⇒ (1 + R/400)3 = 1 + 1,261/8,000 ⇒ (1 + R/400)3 = 9,261/8,000 ⇒ (1 + R/400)3 = (21/20)3 ⇒ 1 + R/400 = 21/20 ⇒ R/400 = 21/20 – 1 = 1/20 ∴ rate = R = 400/20 = 20% Latest Vizag Steel Management Trainee Updates Last updated on Nov 25, 2022 The Rashtriya Ispat Nigam Limited (RINL) is all set to release the official notification for the Vizag Steel Management Trainee. Last time there was a vacancy of 188. This year the vacancy is expected to be much higher. The candidates will have to go through an online test followed by a personal interview. The aspirants must keep their eyes on the official website for any updates regarding the Vizag Steel Management Trainee Exam 2022. Meanwhile, the candidates can go through the Vizag Steel Management Trainee syllabus exam pattern to streamline their preparation in the right direction. Stay updated with the Quantitative Aptitude questions & answers with Testbook. Know more about Interest and ace the concept of Compound Interest. What is the CI on Rs 4000 for 6 months at 12% pa payable quarterly?=Rs243. 6. Was this answer helpful?
What is the compound interest earned on Rs 5000 at the 12 pa compounded quarterly for 6 months?Detailed Solution. Rate of Interest = 12% p.a. compounded quarterly. ∴ The total amount is Rs. 10,609.
What is the compound interest of 40000?The compound interest on ₹40,000 at 6% per annum is ₹4,944.
What will be the compound interest on 40000 at 6% per annum for two and half years if the interest is compounded after every 10 months?40000 (1+32×100)2=Rs. 40000×203200×203200=Rs. 41209C.I.
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What is the CI on Rs 40000 at 10% pa for 1 year when the interest is payable quarterly?
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