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A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 years. If the rate of interest be 13% SI per annum charged half yearly. What amount will he get after 42 months?
- a)29100
- b)28100
- c)27100
- d)26100
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 yea...
A. 29100
Explanation: R=13%, T= 42 months For half year R=13/2, T= (42/12)*2= 7 half-years SI= (20000*7*6.5/100) = 9100
A= P+SI = 20000+9100=29100
Explanation: R=13%, T= 42 months For half year R=13/2, T= (42/12)*2= 7 half-years SI= (20000*7*6.5/100) = 9100
A= P+SI = 20000+9100=29100
Most Upvoted Answer
A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 yea...
T=42 m =3.5 y
A=20000
R= 13%
for duration 3 year
SI = A*T*R/100
=20,000*3.5*13/100
= 9,10,000/100
= 9100
total amount getting by person = amount +interest
= 20,000+9100= 29,100
A=20000
R= 13%
for duration 3 year
SI = A*T*R/100
=20,000*3.5*13/100
= 9,10,000/100
= 9100
total amount getting by person = amount +interest
= 20,000+9100= 29,100
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Community Answer
A person makes a fixed deposit of Rs. 20000 in Bank of India for 3 yea...
Given:
Principal amount (P) = Rs. 20000
Rate of interest (R) = 13% per annum
Time (t) = 3 years = 36 months
Calculation:
As the interest is charged half-yearly, the time period is considered as half-yearly, i.e., 6 months.
So, the total number of half-yearly periods in 3 years = 3 × 2 = 6
Rate of interest per half-yearly period (r) = R/2 = 13/2 = 6.5%
Using the formula for Simple Interest,
SI = (P × r × t) / 100
The SI for 1 half-yearly period = (20000 × 6.5 × 6) / 100 = Rs. 7800
The SI for 6 half-yearly periods = 6 × 7800 = Rs. 46800
The amount after 3 years = P + SI = 20000 + 46800 = Rs. 66800
But the time given in the question is 42 months, which is not a multiple of 6 (half-yearly period). So, we need to calculate the SI for the remaining months separately.
The time for the first 3 years = 36 months
The time for the remaining 6 months = 42 - 36 = 6 months
The SI for 1 half-yearly period = (20000 × 6.5 × 6) / 100 = Rs. 7800
The SI for 1 month = 7800 / 6 = Rs. 1300
The SI for 6 months = 6 × 1300 = Rs. 7800
The amount after 42 months = P + SI = 20000 + 46800 + 7800 = Rs. 74600
Therefore, the person will get Rs. 29100 after 42 months.
Hence, option (a) is the correct answer.
Principal amount (P) = Rs. 20000
Rate of interest (R) = 13% per annum
Time (t) = 3 years = 36 months
Calculation:
As the interest is charged half-yearly, the time period is considered as half-yearly, i.e., 6 months.
So, the total number of half-yearly periods in 3 years = 3 × 2 = 6
Rate of interest per half-yearly period (r) = R/2 = 13/2 = 6.5%
Using the formula for Simple Interest,
SI = (P × r × t) / 100
The SI for 1 half-yearly period = (20000 × 6.5 × 6) / 100 = Rs. 7800
The SI for 6 half-yearly periods = 6 × 7800 = Rs. 46800
The amount after 3 years = P + SI = 20000 + 46800 = Rs. 66800
But the time given in the question is 42 months, which is not a multiple of 6 (half-yearly period). So, we need to calculate the SI for the remaining months separately.
The time for the first 3 years = 36 months
The time for the remaining 6 months = 42 - 36 = 6 months
The SI for 1 half-yearly period = (20000 × 6.5 × 6) / 100 = Rs. 7800
The SI for 1 month = 7800 / 6 = Rs. 1300
The SI for 6 months = 6 × 1300 = Rs. 7800
The amount after 42 months = P + SI = 20000 + 46800 + 7800 = Rs. 74600
Therefore, the person will get Rs. 29100 after 42 months.
Hence, option (a) is the correct answer.
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