Question

In what time will $\$3300$ will yield an interest of $\$99$ at $6\%$ per annum interest compounded half-yearly

• A. $\frac{1}{4}$year
• B. $\frac{1}{2}$year
• C. 1 year
• D. $1\frac{1}{2}$ year
• E. None of these

Answer 1

The correct option is B $\frac{1}{2}$year

For a time period T
Total amount $=3300+99=3399=3300(1+\frac{3}{100}{)}^T\frac{3399}{3300}={(1+\frac{3}{100})}^T\frac{103}{100}=(\frac{103}{100}{)}^{T}T=1$
=I cycle = 6 months $=\frac{1}{2}$ year