What is the compound interest on 160000 at 10% per annum for 2 years compounded half yearly?

A borrowed a sum of Rs. 160000 from B at 10% per annum simple interest. At the same time he lent the same sum to C at the same rate on compound interest, compounded semi-annually for 2 years, Find the amount (in Rs.) earned by A in the whole transaction.

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SSC CGL 2020 Tier-I Official Paper 8 (Held On : 17 Aug 2021 Shift 2)

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1. 4281
2. 4280
3. 2481
4. 2840

Answer (Detailed Solution Below)

Option 3 : 2481

Free

SSC CGL 2021 Tier-I (Held On : 11 April 2022 Shift 1)

100 Questions 200 Marks 60 Mins

 Given:

Principal = Rs. 160000

Rate = 10%

Time = 2 years

Formula used:

SI = (P × R × T)/100

Amount = P × (1 + r/100)t

CI = Amount –  Principal

When compound semi-annually, r' = r/2 and t' = 2 × t

Calculation:

According to the question

SI = (160000 × 10 × 2)/100

⇒ Rs. 32000

Now,

Compounded amount when compounded semi annually = P(1 + r/200)2 × t

Compounded amount = 160000[1 + 10/200)2 × 2

⇒ 160000(21/20)4

⇒ Rs. (160000 × 21/20 × 21/20 × 21/20 × 21/20)

⇒ Rs. 194481

CI = Amount – Principal = (194481 – 160000)

⇒ Rs. 34481

Now, the amount earned by A in the whole transaction = CI – SI

⇒ (34481 – 32000)

⇒ Rs. 2481

∴ Required amount earned by A in the whole transaction is 2481

Last updated on Oct 8, 2022

The SSC CGL 2022 application date date extended till 13th October 2022. The SSC CGL Notification was out on 17th September 2022. The SSC CGL Eligibility will be a bachelor’s degree in the concerned discipline. This year, SSC has completely changed the exam pattern and for the same, the candidates must refer to SSC CGL New Exam Pattern.

Let's discuss the concepts related to Interest and Simple and Compound Both. Explore more from Quantitative Aptitude here. Learn now!

The compound interest on Rs. 1,60,000 for 2 years at 10% per annum when compounded semi-annually is:

1. Rs. 34,400
2. Rs. 34,481
3. Rs. 30,000
4. Rs. 34,480

Answer (Detailed Solution Below)

Option 2 : Rs. 34,481

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RRB Group D: Memory Based Question Full Test based on 17 Aug 2022

100 Questions 100 Marks 90 Mins

Given:

Principal = Rs 1,60,000

Time = 2 years

Rate of interest = 10% p.a compounded semi-annually

Concept used:

Amount = P × (1 + r/100)t

When compounded semi-annually,

Rate becomes half i.e R = 10%/2 = 5%

And time becomes double

New time T = 2 × 2 = 4 years 

Calculation:

Now, According to the formula used

A =  P × (1 + R/100)T

⇒ A = 1,60,000 (1 + 5/100)4

⇒ A = 194481

So, Compound Interest = Amount - Principal

⇒ Compound Interest = 194481 - 160000

⇒ Compound Interest = 34,481

∴ The required compound interest is Rs. 34481.

Latest RRB Group D Updates

Last updated on Sep 27, 2022

The Railway Recruitment Board has released RRB Group D Phase 5 Admit Card. The exam will be conducted on 6th and 11th October 2022 only for the RRC South Western Railway. Currently, the Phase 4 is running and this will continue till 7th October 2022. The RRB (Railway Recruitment Board) is conducting the RRB Group D exam to recruit various posts of Track Maintainer, Helper/Assistant in various technical departments like Electrical, Mechanical, S&T, etc. The selection process for these posts includes 4 phases- Computer Based Test Physical Efficiency Test, Document Verification, and Medical Test. 

Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now!

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Updated On: 27-06-2022

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Answer : 34481

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