A sum of Rs 12 000 is invested for 15 months at 10 per annum compounded half yearly What is the perc...........

Quantitative Aptitude (CPO) Compound Interest

A sum of Rs 12,000 is invested for 15 months at 10% per annum compounded half yearly. What is the percentage gain, at the end of 15 months. correct to one decimal place?

This questions was previously asked in

SSC CPO 13th-March-2019-Shift-1

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13.0%

13.1%

12.8%

12.9%

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Explanation:

Correct option 1: 13.0%
Suppose P = Principal, R = rate of interest and N = time
Compound interest calculated half yearly = P(1 + (R/2)/100)²ⁿ-1
Given,
Time = 1 year and 3 months
Amount = 12000(1 + 5/100)² = 13230
Simple Interest = (13230 x 3/12 x 10)/100 = 330.75
Amount after 15 months = 13230 + 330.75 Rs.13560.75
Percentage increase = (13560.75 -12000)/(12000) x 100 = 13.0%