1. Ram invested Rs. 60,000 at an interest rate 8% p.a. compounded half yearly for 2 years. Mohan
invested same amount at 12% p.a. for 3 years at simple interest. Who earned more interest
and by how much ?
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Answer:
obviously ram earned Rs.48591.51 more than mohan
Step-by-step explanation:
half yearly compounding for 2 yrs meaning compounding is happening 4 times (there are 4 half years)
amount earned by ram = p(1+r/200)⁴
there fore he gets Rs. 70191.51
simple interest earning by mohan Will be 60000*12*3/100 = rs. 21600
therefore ram earns rs. 48591.51
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