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Multiple Choice Questions

In 2013 if the interest was calculated semi annually the interest would have been Rs 2060 804 for gi...........

Quantitative Aptitude (CGL) Data Table

Directions : Study the following table carefully and answer the questions that follow:
A person invested different amount in different years at different rate of interest for different years as described in below table. Some values are missing. Answer the questions on the basis of given table and information in question.

I = Interest received after 1 year

In 2013, if the interest was calculated semi-annually, the interest would have been Rs 2060.804 for given time period. Find the interest when compounded annually.

Rs 1960

Rs 2070

Rs 2040

Rs 2220

Rs 2150

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Explanation:

Rate semi-annually = 4/2 = 2%
Interest = Rs2060.804 for given period, means it is not for 1 year, but the whole period.
So CI = 25000+2060.804 = 27060.804
So 25000 [1 + 2/100]n = 27060.804
So 25000 [1 + 2/100]ⁿ = 27060.804
[51/50]ⁿ = 27060804/25000000
[51/50]ⁿ = 27060804/25000000
[51/50]ⁿ = 6765201/6250000
50⁴= 6250000
So we check, 51⁴
So, n = 4 [this is semi-annually]
means actual time period = 4/2 = 2 years
So Amount compounded annually = 25000 [1 + 4/100]² = Rs 27040
So CI = 27040 – 25000 = Rs 2040