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Mr. Duggal invested Rs 20,000/- with rate of interest @ 20 p.c.p.a. The interest was compounded half-yearly for the first one year and in the next year it was compounded yearly. What will be the total interest earned at the end of two years ?

A) Rs 8,800/-
B) Rs 9,040/-
C) Rs 8,040/-
D) Rs 9,800/-
E) None of these

Correct Answer:


B) Rs 9,040/-

Description for Correct answer:
Interest = 20000 [ ( \( \large 1 + \frac{10}{100}^{2} \) ) ( 1 + \( \Large \frac{20}{100} \) ) -1 ]

= 20000 x [ \( \Large \frac{121}{100} \) x \( \Large \frac{6}{5} \) - 1 ]

= 20000 x \( \Large \frac{226}{500} \) = Rs 9040/-

Part of solved SBI JuniorAssociate-7 questions and answers : Exams >> Bank Exams >> SBI JuniorAssociate-7

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