A sum of Rs. 41000 amounts to Rs. 53300 in 3 years at a certain rate percent per annum simple interest. The same sum will amount to what in 1 year at the same rate if the interest is compounded half yearly? (in nearest 1 Rs)
Answer & explanation
Correct answer: option 2
Sum Amount
21000 : 27300
10 : 13
SI = 3 unit
3 =\(\frac{10×R×3}{100}\)
⇒ R = 10%
CI rate half yearly = \(\frac{10}{2}\)= 5%
5% → \(\frac{1}{20}\)
principal amount
1st year 20 21
2nd year (20)21 (21)2
2nd year 400 441
400 unit = 41000
441 unit =\(\frac{41000}{400}\)×441
= 45202.5 = ∼ 45203