Question
Download Solution PDFCalculate the compound interest on ₹72,000 at the rate of 9% per annum for 18 months when interest is compounded half yearly (rounded off up to the nearest ₹).
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal (P) = ₹72,000
Rate (r) = 9% per annum
Time (t) = 18 months = 1.5 years
Interest is compounded half yearly
Formula used:
A = P(1 + r/n)nt
Where,
n = number of times interest applied per time period (half yearly, so n = 2)
A = Amount
Calculations:
A = 72000(1 + 9/(2×100))2×1.5
⇒ A = 72000(1 + 0.045)3
⇒ A = 72000(1.045)3
⇒ A = 72000 × 1.1411
⇒ A = 82163.96
Compound Interest (CI) = A - P
⇒ CI = 82163.96 - 72000
⇒ CI = ₹10,163.96
Rounded to nearest ₹, CI = ₹10,164
∴ The correct answer is option 1.
Last updated on Jun 2, 2025
-> The Railway Recruitment Board has released the RPF Constable 2025 Response Sheet on 24th March 2025. As per the official notice, the RPF Constable Answer Key will be available from 24th March 2025 to 29th March 2025.
-> The RRB ALP 2025 Notification has been released on the official website.
-> The Examination was held from 2nd March to 18th March 2025. Check the RPF Exam Analysis Live Updates Here.
-> RPF Constable 2025 application status was released in January 20, 2025.