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A sum of ₹6000 is invested at 20% per annum. If interest is compounded half-yearly, the amount received after 18 months will be:
A₹7,896
B₹7,986
C₹7,800
D₹7,928
Answer & Solution
Correct answer: B. ₹7,986
1. Half-yearly rate = 20%/2 = 10%; number of half-years in 18 months = 3.
2. Amount = 6000 × (1 + 10/100)³ = 6000 × (1.1)³.
3. = 6000 × 1.331 = ₹7,986.
_Source: RRB Group D CEN-02/2018 PYQ, Q.24._
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