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Dravid invested Rs. 30,000 in a finance company and received Rs. 39,930 after 1 1 2 years. Find the rate of interest per annum compounded semi-annually.
- a)10% p.a.
- b)14% p.a.
- c)20% p.a.
- d)15% p.a.
Correct answer is option 'C'. Can you explain this answer?
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Dravid invested Rs. 30,000 in a finance company and received Rs. 39,93...
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Dravid invested Rs. 30,000 in a finance company and received Rs. 39,93...
Given:
Principal amount (P) = Rs. 30,000
Amount received (A) = Rs. 39,930
Time period (t) = 1 1/2 years = 3/2 years
Let the rate of interest per annum compounded semi-annually be r%. Then, the half-yearly rate of interest would be (r/2)%.
Using the formula for compound interest, we have:
A = P(1 + (r/2)/100)^(2t)
39,930 = 30,000(1 + (r/2)/100)^(2*3/2)
39,930/30,000 = (1 + (r/2)/100)^3
(1331/1000)^(1/3) = 1 + (r/2)/100
1.1 - 1 = (r/2)/100
r/2 = 0.1
r = 0.1*2
r = 20
Therefore, the rate of interest per annum compounded semi-annually is 20% p.a.
Principal amount (P) = Rs. 30,000
Amount received (A) = Rs. 39,930
Time period (t) = 1 1/2 years = 3/2 years
Let the rate of interest per annum compounded semi-annually be r%. Then, the half-yearly rate of interest would be (r/2)%.
Using the formula for compound interest, we have:
A = P(1 + (r/2)/100)^(2t)
39,930 = 30,000(1 + (r/2)/100)^(2*3/2)
39,930/30,000 = (1 + (r/2)/100)^3
(1331/1000)^(1/3) = 1 + (r/2)/100
1.1 - 1 = (r/2)/100
r/2 = 0.1
r = 0.1*2
r = 20
Therefore, the rate of interest per annum compounded semi-annually is 20% p.a.
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Dravid invested Rs. 30,000 in a finance company and received Rs. 39,930 after 1 1 2 years. Find the rate of interest per annum compounded semi-annually.a)10% p.a.b)14% p.a.c)20% p.a.d)15% p.a.Correct answer is option 'C'. Can you explain this answer?
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Dravid invested Rs. 30,000 in a finance company and received Rs. 39,930 after 1 1 2 years. Find the rate of interest per annum compounded semi-annually.a)10% p.a.b)14% p.a.c)20% p.a.d)15% p.a.Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about Dravid invested Rs. 30,000 in a finance company and received Rs. 39,930 after 1 1 2 years. Find the rate of interest per annum compounded semi-annually.a)10% p.a.b)14% p.a.c)20% p.a.d)15% p.a.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Dravid invested Rs. 30,000 in a finance company and received Rs. 39,930 after 1 1 2 years. Find the rate of interest per annum compounded semi-annually.a)10% p.a.b)14% p.a.c)20% p.a.d)15% p.a.Correct answer is option 'C'. Can you explain this answer?.
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