Question : Find the amount (integral value only) if a sum of INR 6,500 is being borrowed at 10% interest per annum for 2 years if interest is compounded half-yearly.
Option 1: INR 8,250
Option 2: INR 7,650
Option 3: INR 8,150
Option 4: INR 7,900

Question

Question : Find the amount (integral value only) if a sum of INR 6,500 is being borrowed at 10% interest per annum for 2 years if interest is compounded half-yearly.

Option 1: INR 8,250

Option 2: INR 7,650

Option 3: INR 8,150

Option 4: INR 7,900

Team Careers360 · Accepted Answer

Correct Answer: INR 7,900

Solution : $A=P imes [1+\frac{R}{100}]^{n}$, where $A$, $P$, $R$, $n$, and $T$ are the amount, principal, the rate is half and n = 4 in two years, respectively.
According to the question,
$A=6500 imes [1+\frac{5}{100}]^{2 imes 2}$
⇒ $A=6500 imes [1+0.05]^{4}$
⇒ $A=6500 imes [1.05]^{4}$
$ herefore$ $A=$ INR 7,900
Hence, the correct answer is INR 7,900.

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Question : Find the amount (integral value only) if a sum of INR 6,500 is being borrowed at 10% interest per annum for 2 years if interest is compounded half-yearly.Option 1: INR 8,250Option 2: INR 7,650Option 3: INR 8,150Option 4: INR 7,900

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Question : Find the amount (integral value only) if a sum of INR 6,500 is being borrowed at 10% interest per annum for 2 years if interest is compounded half-yearly.
Option 1: INR 8,250
Option 2: INR 7,650
Option 3: INR 8,150
Option 4: INR 7,900