The compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.The simple interest on the same sum for 2.5 years at 7% per annum is:a)Rs. 432b)Rs. 420c)Rs. 400d)Rs. 444Correct answer is option 'B'. Can you explain this answer?

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The compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.The simple interest on the same sum for 2.5 years at 7% per annum is:

a)
Rs. 432
b)
Rs. 420
c)
Rs. 400
d)
Rs. 444

Correct answer is option 'B'. Can you explain this answer?

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The compound interest compounded half yearly on a certain sum of mone...

SI = (P × R × t)/100

A = P(1+R/100)^t; Cl= A-p

Given, compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.

∴ R = 10/2 = 5%

t = 1 year = 2 half years

CI = Rs. 246

P=?

A = CI + P

⇒ A = P + 246

∴ P + 246 = P (1+(5/100))²

⇒ P + 246 = P × 1.05²

⇒ 246 = 1.1025P – P

⇒ 246 = 0.1025P

⇒ P = 2400

Now, SI on the same sum for 3 years at 6% per annum.

∴ R = 7%

t = 2.5 years

SI = (2400 x 7 x 2.5)/100

⇒ SI = Rs. 420

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The compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.The simple interest on the same sum for 2.5 years at 7% per annum is:a)Rs. 432b)Rs. 420c)Rs. 400d)Rs. 444Correct answer is option 'B'. Can you explain this answer?

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The compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.The simple interest on the same sum for 2.5 years at 7% per annum is:a)Rs. 432b)Rs. 420c)Rs. 400d)Rs. 444Correct answer is option 'B'. Can you explain this answer? for GATE 2024 is part of GATE preparation. The Question and answers have been prepared according to the GATE exam syllabus. Information about The compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.The simple interest on the same sum for 2.5 years at 7% per annum is:a)Rs. 432b)Rs. 420c)Rs. 400d)Rs. 444Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for GATE 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The compound interest compounded half yearly on a certain sum of money at 10% per annum for 1 year is Rs. 246.The simple interest on the same sum for 2.5 years at 7% per annum is:a)Rs. 432b)Rs. 420c)Rs. 400d)Rs. 444Correct answer is option 'B'. Can you explain this answer?.

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