A bank offers an interest of 6% per annum which is calculated at the end of the year. Another bank
offers 10% interest per annum which is calculated and
added every six months. What is the difference
in the interest on a deposit of Rs 1000?
(A) Rs 40
(B) Rs.42.50
(C) Rs 41.50
(D) Rs 40.50
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Answers
Answered by
1
Answer:
5
2
%
(
1600
)
=
40
5
2
%
(
40
)
=
1
Compound interest on
1600
deposited on
1
st January
=
2
×
40
+
1
=
81
(formula)
Compound interest on
1600
deposited on
1
st July
=
1
2
(
5
%
of
1600
)
=
40
Required gain
=
81
+
40
=
121
Answered by
3
Step-by-step explanation:
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