Find the difference between the compound interest on 2600 for 1 1/2 years at a rate of 6% p.a compounded annually and half yearly.step by step explanation
Answers
Step-by-step explanation:
The difference between the compound interest on rupees 6000 for 1(1/2) years at 4% p.a when compounded half yearly and compounded quartely is Rs.1.8729
Step-by-step explanation:
Case 1 :
Principal = Rs.6000
Time =1 \frac{1}{2} years = \frac{3}{2} years1 21
years= 23 years
Rate of interest r = 4% = 0.04
No.. of compounds per year = n = 2
\begin{gathered}Amount =P(1+\frac{r}{n})^{nt}\\Amount = 6000(1+\frac{0.04}{2})^{2 \times \frac{3}{2}}\end{gathered}
Amount=P(1+ nn ) nt
Amount=6000(1+ 20.04) 2× 23
Amount =6367.248
Compound interest = 6367.248 -6000= Rs.367.248
Case 2:
Principal = Rs.6000
Time =1 \frac{1}{2} years = \frac{3}{2} years1 21 years= 23 years
Rate of interest r = 4% = 0.04
No.. of compounds per year = n =4
\begin{gathered}Amount =P(1+\frac{r}{n})^{nt}\\Amount = 6000(1+\frac{0.04}{4})^{4 \times \frac{3}{2}}\end{gathered}
Amount=P(1+ nn) nt
The difference between the compound interest on rupees 6000 for 1(1/2) years at 4% p.a when compounded half yearly and compounded quartely is Rs.1.8729
Step-by-step explanation:
Case 1 :
Principal = Rs.6000
Time =1 \frac{1}{2} years = \frac{3}{2} years1
21years= 23years
Rate of interest r = 4% = 0.04
No.. of compounds per year = n = 2
\begin{gathered}Amount =P(1+\frac{r}{n})^{nt}\\Amount = 6000(1+\frac{0.04}{2})^{2 \times \frac{3}{2}}\end{gathered}
Amount=P(1+ nr ) nt
Amount=6000(1+ 20.04 ) 2× 23
Amount =6367.248
Compound interest = 6367.248 -6000= Rs.367.248
Case 2:
Principal = Rs.6000
Time =1 \frac{1}{2} years = \frac{3}{2} years1
21years= 23 years
Rate of interest r = 4% = 0.04
No.. of compounds per year = n =4
\begin{gathered}Amount =P(1+\frac{r}{n})^{nt}\\Amount = 6000(1+\frac{0.04}{4})^{4 \times \frac{3}{2}}\end{gathered}
Amount=P(1+ nr ) nt
Amount=6000(1+ 40.04) 4× 23
Amount =6369.1209
Compound interest = 6369.1209-6000= Rs.369.1209
Difference between interests = 369.1209-367.248 =1.8729
Hence the difference between the compound interest on rupees 6000 for 1(1/2) years at 4% p.a when compounded half yearly and compounded quartely is Rs.1.8729
#Learn more:
Find the compound interest on rupees 2000 for 1 and half years at 10% p.a. ,when the interest is compounded half yearly
https://brainly.in/question/15370744
Amount=6000(1+ 40.04) 4× 23
Amount =6369.1209
Compound interest = 6369.1209-6000= Rs.369.1209
Difference between interests = 369.1209-367.248 =1.8729
Hence the difference between the compound interest on rupees 6000 for 1(1/2) years at 4% p.a when compounded half yearly and compounded quartely is Rs.1.8729
#Learn more:
Find the compound interest on rupees 2000 for 1 and half years at 10% p.a. ,when the interest is compounded half yearly
https://brainly.in/question/15370744