Exams › SSC CGL (Prelims) › General

Calculate the compound interest on Rs. 5000 for 2 years at 20% per annum, compounded half-yearly.

1. 2,120.50
2. 2,520.50
3. 2,322.50
4. 2,320.50

Correct answer: 2,320.50

Solution

At 20% p.a. compounded half-yearly, the rate per half-year is 10% and the number of periods in 2 years is 4. Amount = 5000(1.1)^4 = 7320.50, so compound interest = 7320.50 - 5000 = 2320.50.

Related SSC CGL (Prelims) General questions

• The compound interest on a principal at 20% p.a. for 1.5 years, compounded annually, is ₹3,400. Find the principal.
• If the compound interest on a sum at $14\tfrac{2}{3}\%$ per annum for 3 years is ₹1,680, find the simple interest for the same period and rate.
• In how many years will Rs. 80,000 become Rs. 1,06,480 at 10% compound interest per annum?
• Find the compound interest on ₹9,500 at 11% p.a. for 2 years 6 months, compounded annually.
• If the amount at the end of the 4th year and 5th year on a certain principal at compound interest is ₹24,000 and ₹26,400 respectively, find the rate of interest per annum.
• How much compound interest will be earned on Rs. 24,000 at 16% per annum for 9 months if it is compounded quarterly?

⚔️ Practice SSC CGL (Prelims) General free + battle 1v1 →