Question
Download Solution PDFWhat is the difference between the compound interests on Rs. 28000 for 1 year at 6% per annum compounded yearly and half-yearly? (in Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs.28000
Rate = 6% per annum
Time = 1 year
Formula used:
CI (yearly) = P × (1 + r/100)t
CI (half-yearly) = P × (1 + r/2 ÷ 100)2t
Calculations:
Yearly: Amount = 28000 × (1 + 6/100) = 28000 × 1.06 = Rs.29680
Half-yearly: Rate = 3%, Time = 2 periods
Amount = 28000 × (1 + 3/100)2 = 28000 × (1.03)2 = 28000 × 1.0609 = Rs.29705.2
Difference = 29705.2 − 29680 = Rs.25.2
∴ Difference in compound interest = Rs.25.20
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