A sum off Rs 20 000 is invested for 15 months at the interest of 10 per annum compounded half yearly...........

Quantitative Aptitude (CPO) Compound Interest

A sum off Rs 20,000 is invested for 15 months at the interest of 10% per annum compounded half yearly. What is the percentage gain,

correct to one decimal place, at the end of 15 months?

This questions was previously asked in

SSC CPO 12th-March-2019-Shift-1

View All SSCCPO Previous Year Papers

13.6%

13.4%

13.0%

12.5%

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Explanation:

Correct Option 3 - 13.0%

Solution

Rate of interest = 10% per annum
Rate of interest = 5% per half year
Interest gained in first six months on Rs. 20000 = 5/100 x 20000 = Rs. 1000
Interest gained in next six month = 5/100 x 20000 + 5/100 x 1000 = 1000 + 50 = Rs. 1050
Rate of interest for last three months will be = 5/2 = 2.5%
Interest gained in last three month = 2.5/100 x 20000 + 2.5/100 x 1000 + 2.5/100 x 1050
⇒ 500 + 25+ 26.25 = Rs. 551.25
Total interest gained in 15 months = 1000+ 1050 + 551.25 = Rs. 2601.25
Percentage gain = 2601.25/20000 x 100 = 13%