find the difference between compound interest on rs 8000 for 1 year at 8% per annum when interest is compounded annually and semi annually
Answers
Answer:
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Step-by-step explanation:
It is given that
Principal (P) = 8000 =
Rate = 10% p.a. or 5% half-yearly
Period = 1 1 2 years or 3 half years
Case 1- When compounded annually
A = P (1+r/100)"
Substituting the values
=8000(1+ 10/100)(1+5/100)
By further calculation =8000 x 11/10 x 21/20
= 9240
We know that
CI = A - P
Substituting the values
= 9240 - 8000
= 1240
Case 2 - When compounded half-yearly
A = P (1+r/100)"
Substituting the values
8000(1 +5/100)
By further calculation
=8000 x 21/20 x 21/20 x 21/20
= 9261
We know that
CI = A-P
Substituting the values
= 9261 – 8000
= 1261
Here the difference between two CI = 1261 -
1240 = 21
Answer:
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8th
Maths
Comparing Quantities
Compound Interest
Find the difference between...
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Find the difference between compound interest on 8000 for compounded annually and semi-annually.
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ANSWER
It is given that
Principal (P) = 8000
Rate = 10% p.a. or 5% half-yearly
Period = 1
2
1
years or 3 half years
Case 1 - When compounded annually
A = P(1+r/100)
n
Substituting the values
=8000(1+10/100)(1+5/100)
By further calculation
=8000×11/10×21/20
= 9240
We know that
CI = A - P
Substituting the values
= 9240−8000
= 1240
Case 2 - When compounded half- yearly
A = P(1+r/100)
n
Substituting the values
= 8000(1+5/100)
3
By further calculation
=8000×21/20×21/20×21/20
=9261
We know that
CI=A−P
Substituting the values
=9261−8000
=1261
Here the difference between two CI=1261−1240=21