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If the interest is compounded half-yearly, calculate the amount when the principal is Rs7400, the rate of interest is 5% per annum and the duration is one year.Hint: From the information provided, use the formula of total amount.The correct answer is: 7774.63 RsComplete step by step solution:We calculate the total amount by the formula …(i)where P is Principal amount, T is number of years and R is rate of interestHere, we have T = 1, P = 7400, R = 5% and A = ?On substituting the known values in (i), we get Rupees which can be rounded to 7774.63 RsWhat amount is to be repaid on a loan of Rs. 12000 for $ 1\dfrac{1}{2} $ year at 10% per annum if interest is compounded half-yearly.Answer Verified
Hint: To calculate compound interest, we have given formula: Complete step-by-step answer: So, compound interest is: Note: The other way to find compound interest compounded half-yearly is applying simple interest for every 6 months for
the same interest rate and adding the interest in the initial value to calculate for another 6 months until for the total time period: Now, consider $ {{A}_{1}} $ as principal for another 6 months. So simple interest for another 6 months is: Now, consider $ {{A}_{2}} $ as principal for another 6 months. So simple interest for another 6 months is: Hence, total interest is What total amount is to be paid on a sum of Rs. 12,000 for \(1 \frac{1}{2}\) years at 10% per annum compounded half yearly?
Answer (Detailed Solution Below)Option 1 : Rs. 13,891.50 Free IB ACIO Grade-II: Full Mock Test 100 Questions 100 Marks 60 Mins Given: The sum = Rs 12,000 Time = \(1 \frac{1}{2}\) years Rate = 10% p.a. Formula used: A = P(1 + R/100)t Here, A, P, R and t are the Amount, Principal, Rate and time respectively Concept used: When compounded half-yearly then, Rate is half and time is doubled Calculation: Rate = 10%/2 = 5% and Time = \(1 \frac{1}{2}\) × 2 = 3 half yearly Now, A = P(1 + R/100)t ⇒ A = 12000(1 + 5/100)3 ⇒ A = 12000 × 21/20 × 21/20 × 21/20 ⇒ A = 13891.5 ∴ The total amounts to be paid is Rs 13891.50 Last updated on Sep 21, 2022 The Intelligence Bureau has released the official notification for the IB ACIO Deputation Recruitment 2022. The application process started on 22nd June 2022 and candidates can apply for the same till 19th August 2022. A total number of 766 vacancies are released for the IB ACIO Deputation. The merit list will be created by combining the candidates' marks of GATE and the Interview. The minimum tenure of the deputation will be 3 to 5 years and can be extendable up to a maximum of 7 years. Know about the IB ACIO Eligibility criteria here. Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now! What amount has to be paid on a loan of Rs 12000 for 3 years at 10% per annum compounded annually?Now Compound interest = A - P ⇒ Compound interest = Rs. 15972 - Rs. 12000 = Rs. 3972.
How much will RS 12000 amounts to in 2 years at compound interest?⇒13356−12000=1356Rs.
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