Anamika took a loan of rupees 40000 from a branch of a bank the rate of interest is 5% per annum find the difference in amount she will be paying after 1whole 1/2 years if the interest is compounded annually and compounded half yearly
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Answer:
38.431783
Step-by-step explanation:
Case 1)
Principal = Rs.40000
Rate of interest = r = 5% = 0.05
Time = 18 months =
The interest is compounded annually
No. of of compounds per year = 1
Formula :
Case 2)
Principal = Rs.40000
Rate of interest = r = 5% = 0.05
Time = 18 months =
The interest is compounded half yearly
No. of of compounds per year = 2
Formula :
Difference in amount=43075.625-43037.193217=38.431783
Hence the difference in amount she would be paying after 18 months if the interest is compounded annually and compounded half yearly is 38.431783
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