6. Mahesh lent Rs 65536 for 3 years at 25/2% per annum , compounded annually. How much more could he earn itthe interest is compounded half-yearly?
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Extra interest Could be Earned = Rs 975.38
Step-by-step explanation:
P = 65536
R = 25/2 % per annum
n = 3 Years
Amount A after 3 years = A
A = P(1 + R/100)ⁿ
A = 65536(1 + 25/200)³
A = 65536 * (1.125)³
A = 93312
P = 65536
R = 25/4 % Half yearly
n = 6 ( 6 months)
A = 65536(1 + 25/400)⁶
A = 94287.38
Extra interest Earned = 94287.38 - 93312 = 975.38
Extra interest Could be Earned = Rs 975.38
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