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Question

Q. Pradeep makes a deposit of 50,000 in a savings scheme for a period of 112 years. If the rate of interest is 12% per annum compounded half-yearly, What is the interest gained over upon maturity.

A
90001
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B
9250.35
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C
9550.8
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D
10005.36
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E
None of these
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Solution

The correct option is C 9550.8Time period =112years = 3 cycles of 6 months each Total amount =5000(1+6100)3=50000×5350×5350×5350=59550.8 Interest = 59550.8 -50000 = 9550.8

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