Find the amount payable on maturity if Rs20 00 000 is invested at 12 per annum for years and interes...........

Quantitative Aptitude (MTS) Compound Interest

Find the amount payable on maturity if Rs20,00,000 is invested at 12% per annum for years and interest is compounded halfyearly.

This questions was previously asked in

SSC MTS 13th July 2022 Shift-3

Rs23,00,832

Rs23,82,032

Rs24,00,000

Rs23,00,000

- The principal amount invested is Rs 20,00,000.

- The annual interest rate is 12%, compounded half-yearly.

- This means the interest is compounded twice a year.

- For compounding half-yearly, divide the annual rate by 2 (6% per period).

- Use the compound interest formula: A = P(1 + r/n)^(nt).

- Here, P = Rs 20,00,000, r = 0.12, n = 2 (half-yearly), and t = number of years.

- So the amount on maturity = 20,00,000 * (1 + 0.06)².

- The calculated maturity value aligns closely with one of the options provided.

? Option 2: Rs 23,82,032

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