Question

A person borrows ₹16000 at 3% for one year compounded yearly. He immediately lends this money out at 5% for a year, interest compounded half-yearly. Find the gain in this transaction.

Answer 1

64000 and the rate of interest is 5% per annum compounded half-yearly, find the interest paid by Abha after one year ...

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Answer 2

p = 16000

r = 3%

CI = p(1+r)

calculate this.

CI' = p(1+r)^1/2

calculate this.

Gain = CI' - CI