Exams › IBPS PO › Quantitative Aptitude

A bank offers 5% compound interest calculated on a half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount of interest earned is:

1. Rs. 120
2. Rs. 121
3. Rs. 122
4. Rs. 123

Correct answer: Rs. 121

Solution

At 5% p.a. compounded half-yearly, the rate per half-year is 2.5%. The Rs. 1600 deposited on 1st January becomes 1600(1.025)^2 = 1681, and the Rs. 1600 deposited on 1st July becomes 1600(1.025) = 1640. Total interest = (1681 + 1640) - 3200 = 121.

Related IBPS PO Quantitative Aptitude questions

• The difference between simple and compound interest, compounded annually, on a certain sum of money for 2 years at 4% per annum is Re. 1. The sum (in Rs.) is:
• There is a 60% increase in an amount in 6 years at simple interest. What will be the compound interest on Rs. 12,000 after 3 years at the same rate?
• What is the difference between the compound interests on Rs. 5000 for 1 year at 4% per annum compounded yearly and half-yearly?
• The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
• Directions (51-55): There are five shops P, Q, R, S and T, and they sell two different items, A and B. The following pie chart shows the total number of items sold by different shops in a particular month. Total number of items sold = 500. What is the central angle corresponding to the total number of items sold by shop S?
• In a bag, there are 3 magenta balls, 5 green balls, and 7 blue balls. Two balls are drawn one by one without replacement. If the first ball drawn is magenta, then 8 more magenta balls are added to the bag. Find the probability that both balls drawn are magenta.

⚔️ Practice IBPS PO Quantitative Aptitude free + battle 1v1 →