On a certain sum of money the difference between the compound interest for a year payable half yearl...........

Quantitative Aptitude ( CCS) Compound Interest

On a certain sum of money, the difference between the compound interest for a year, payable half yearly, and the simple interest for a year is Rs. 180. If the rate of interest in both the cases is 10%, then the sum is

Rs. 60000

Rs. 72000

Rs. 62000

Rs. 54000

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Explanation:

Rate % = 10% , Time = 1 year
Case (I) : When interest is calculate yearly, Rate% = 10%
Case (II): When interest in calculated half yearly.
→ New Rate % = 10/2 = 5%
Time = 1 × 2 = 2 years
→ Effective Rate % = 5 + 5 + (5 × 50)/100 = 10.25%
Different in rates = (10.25 - 10)% = 0.25%
According to the question,
0.25% of sum = Rs. 180
Sum = 180/0.25 × 100 = Rs. 72000