A bank offers 15% compound interest per half year. A customer deposits Rs 2400 e

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Question
A bank offers 15% compound interest per half year. A customer deposits Rs 2400 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
Options
A. Rs 2268
B. Rs 1134
C. Rs 567
D. Rs 283

Correct Answer

Rs 1134

Compound Interest problems

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1. What is the Compound interest on Rs. 5000 in 3 years, if the rate of interest is 4% for the first year, 3% for the second year and 2% for the third year?
Options
A. Rs. 435.21
B. Rs. 453.12
C. Rs. 436.12
D. Rs. 463.12

2. In what time will Rs. 3300 becomes Rs. 3399 at 6% per annum interest compounded half-yearly ?
Options
A. Quarter months
B. Half year
C. 2 years
D. 1 year

3. The compound interest on a certain sum for 2 years at 10% per annum is Rs. 1155. The simple interest on the same sum for double the time at half the rate percent per annum is ?
Options
A. Rs. 1100
B. Rs. 5500
C. Rs. 1400
D. Rs. 4120

4. Payments of $2000 and $1000 were originally scheduled to be paid one year and five years, respectively, from today. They are to be replaced by a $1500 payment due four years from today, and another payment due two years from today. The replacement stream must be economically equivalent to the scheduled stream. What is the unknown payment, if money can earn 7% compounded semiannually?
Options
A. 1548
B. 1348
C. 1648
D. 1748

5. If the rate of inflation for the next 20 years is 2.5% per year, what annual income will be needed 20 years from now to have the same purchasing power as a $30,000 annual income today?
Options
A. 39158
B. 49158
C. 59158
D. 69158

8. If compound interest received on a certain amount in the 2nd year is Rs 1200, what will be the compound interest (in Rs) for the 4th year on the same amount at 10% rate of interest?
Options
A. 1452
B. 1320
C. 1552
D. 1420

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