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# A bank offers a rate of interest of 16% per annum, compounded semi ann

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Senior Manager
Joined: 29 Nov 2018
Posts: 263
Concentration: Marketing, Strategy
A bank offers a rate of interest of 16% per annum, compounded semi ann  [#permalink]

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21 Jul 2019, 03:16
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A bank offers a rate of interest of 16% per annum, compounded semi-annually. What will be the approximate interest generated on an amount of Rs. 10,000 kept for 2 years?

1. Rs 3600
2. Rs 3605
3. Rs 3610
4. Rs 3615
5. Rs 3620
Intern
Joined: 05 Jul 2019
Posts: 27
Location: India
Schools: ISB '21
Re: A bank offers a rate of interest of 16% per annum, compounded semi ann  [#permalink]

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21 Jul 2019, 05:36
Interest = 10000*(((1+(0.16/2))^(2*2))-10000 = 3604.88 so answer will be 3605 B

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Re: A bank offers a rate of interest of 16% per annum, compounded semi ann   [#permalink] 21 Jul 2019, 05:36
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# A bank offers a rate of interest of 16% per annum, compounded semi ann

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