self Maths Puzzle Numerical Ability Simple & Compound Interest

The effective annual rate of interest corresponding to a nominal rate of 6% per annum payable half-yearly is:

A. 6.06% B. 6.07%
C. 6.08% D. 6.09%

Read Solution (Total 1)

Amount of Rs. 100 for 1 year
when compounded half-yearly = Rs. 100 x 1 + 3 2 = Rs. 106.09
100
Effective rate = (106.09 - 100)% = 6.09%
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self Other Question

Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit?

A. Rs. 8600 B. Rs. 8620
C. Rs. 8820 D. None of these
Simple interest on a certain sum of money for 3 years at 8% per annum is half the compound interest on Rs. 4000 for 2 years at 10% per annum. The sum placed on simple interest is:

A. Rs. 1550 B. Rs. 1650
C. Rs. 1750 D. Rs. 2000