Question

(1)
Arun deposited 5000 rupees in a bank which compounds interest
half yearly and Mohan deposited the same amount in another bank
which compounds interest quarterly. The annual rate of interest is
6% at both the banks. How much more would Mohan get after one
year?​

Answer 1

Answer:

hey mate your answer is.

Step-by-step explanation:

Investment = 5000 Rs

Arun deposited 5000 Rs in a bank which compound interest half yearly.

Annual rate = 6%

Since Interest is compounded half yearly, Interest has to be calculated twice a year

Half yearly rate = 6/2=3%

We need to figure out the period in which interest compounded.

Amount after a year= 5000(1+3/100)2

= 5304.5

5305(.5paisa rounded to 1Rupee)

Mohan deposited 5000Rs in another bank which compounds interest quarterly.

Annual rate = 6%

Since Interest is compounded quarterly yearly, Interest has to be calculated four times a year.

Quarterly rate = 6/4 =1.5%

Amount after a year= 5000(1+1.5/100)4

= 5306.81

5307(.81rounded to 1rupee)

The more amount Mohan would get = 5307-5305 = 2 Rs...

@Rajsingh....