Please enter the following details
Free Daily Targets & Mocks
Study Material & Formulas PDFs
1 on 1 Mentorship
Question 84
A bank offers 20% compound interest per half year. A customer deposits Rs 6000 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is
Solution
Principal = Rs. 6,000 and Rate = 20%
Amount for first half year = $$6000\times\dfrac{120}{100} = Rs.7200$$
Principal for next half year = Rs.7200+Rs.6000 = Rs.13200.
Amount for next half year = $$13200\times\dfrac{120}{100} = Rs.15840$$
Interest received in whole year = 15840 - 12000 = Rs.3840.
Create a FREE account and get:
- Free SSC Study Material - 18000 Questions
- 230+ SSC previous papers with solutions PDF
- 100+ SSC Online Tests for Free
