Money invested by six persons A–F at simple interest, with rate, time and a rupee value. Dashes are missing and to be calculated.
| Person | Rate of Interest | Time | Value (Rs) |
|---|---|---|---|
| A | 6% | — | 18000 |
| B | 6% | — | 30000 |
| C | — | 5 years | 29000 |
| D | — | 3 years | 45000 |
| E | 8% | — | 20000 |
| F | — | 2 years | 60000 |
If the amount received by C is twice the money invested by him, then the amount he will receive after 2 years if he invests the same sum in compound interest for 2 years compounded half yearly is:
ARs 21229.45 ✓ Correct
BRs 21929.45
CRs 21292.45
DRs 21992.45
Correct answer: (A) Rs 21229.45
Explanation
The compound amount received by C after 2 years is Rs 21229.45.
The amount received 29000 is twice the principal, so the principal is Rs 14500.
Since simple interest equals the principal over 5 years, the simple rate is 20 percent.
For half yearly compounding the rate becomes 10 percent per half year over 4 half years.
So the amount is 14500 times 1.1 raised to the power 4.
This works out to about Rs 21229.45.
Want more like this? Create a free account to practise a full test, track your progress, and get spaced-repetition review.
Practise on Mcqkart →🎓 Book an expert →