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SSC SSC CHSL TIER-I Solved Paper Held on 10.01.2017

  • question_answer
    A bank offers 5% compound interest per half year. A customer deposits Rs. 8000 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of Interest is

    A)  Rs. 2440

    B)  Rs. 610

    C)  Rs. 1220

    D)  Rs. 305

    Correct Answer: C

    Solution :

     Equivalent rate p.a. at the rate of 5% per half year \[=\left( 5+5+\frac{5\times 5}{100} \right)%\] \[=10.25%\] \[\therefore \]Interest =Rs. \[\left( \frac{8000\times 10.25\times 1}{100}+\frac{8000\times 5\times 1}{100} \right)\] =Rs. \[(820+400)=\]Rs. 1220


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