Exams › SSC CGL (Prelims) › Maths

In what time will ₹64,000 amount to ₹68,921 at 5% per annum, interest being compounded half-yearly?

1. 3 years
2. 2 years 6 months
3. 2 years
4. 1 year 6 months

Correct answer: 1 year 6 months

Solution

With half-yearly compounding, the rate per half-year is 2.5%. We need \(64000(1.025)^n = 68921\), and \((1.025)^3 \approx 1.07689\), which matches the ratio. So \(n=3\) half-years = 1 year 6 months.

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