The following table shows the details about money invested (principal) in a…
2023
The following table shows the details about money invested (principal) in a bank at a certain rate of interest for a given period of time by six different persons A–F, along with the amount received (in ₹). Some values are missing in the table (indicated as “–”) that you are expected to calculate if required. Based on the data in the table, answer the questions that follow.
Person-wise Details of Money Invested
Person | Rate of Interest (%) | Time (in years) | Principal (in ₹) | Amount Received (in ₹) |
|---|---|---|---|---|
A | 6% | – | 18000 | – |
B | 5% | – | 30000 | – |
C | – | 5 | – | 29000 |
D | – | 3 | 45000 | – |
E | 8% | – | 20000 | – |
F | – | 2 | 60000 | – |
Note: Calculate simple interest unless specified.
SubQuestion No: 1
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 of money in compound interest for 2 years compounded half-yearly is:
- A.
₹ 21,229.45
- B.
₹ 21,929.45
- C.
₹ 21,292.45
- D.
₹ 21,992.45
Attempted by 2 students.
Show answer & explanation
Correct answer: A
Step 1: Analyze Person C's Simple Interest data. Given Amount = 2 × Principal over 5 years, SI = Principal. Since Amount is ₹29,000, Principal P = ₹14,500. Rate R = (SI × 100) / (P × T) = (14500 × 100) / (14500 × 5) = 20%.
Step 2: Calculate Compound Interest. Principal = ₹14,500, Rate = 20% p.a., Time = 2 years. Compounded half-yearly means rate per period r = 10% and number of periods n = 4.
Step 3: Final Amount Calculation. Amount = P(1 + r/100)^n = 14500 × (1.1)^4 = 14500 × 1.4641 = ₹21,229.45.