Question

Find the difference in compound interest on Rs5000 for 1 year at the rate of 8% per annum if in the first case interest is paid annually and in the second case semi annually​

Answer 1

Answer:

Compound Interest = {Principal(1+rate/100)^ time} - Principal

when rate is compound half yearly then time is multiplied by 2 and 100 is taken as 100x2.

here,

Principal = 50,000.00

rate = 12%

and time = 1 year

For annually,

Interest={50000(1+12/100)^1 }-50000= {50000(1.12)}-50000 = 56000–50000 = 6000 [Interest in 1 year when you get 12% interest compounded yearly]

For Half Yearly,

Interest = {50000(1+12/200)^2}-50000 = {50000(1.06)^2}-50000 = {50000(1.1236)}-50000 = 56180–50000 = 6180 [Interest in 1 year when you get 12 % interest compounded half yearly]

Step-by-step explanation:

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Answer 2

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Compound Interest = {Principal(1+rate/100)^ time} - Principal

when rate is compound half yearly then time is multiplied by 2 and 100 is taken as 100x2.

here,

Principal = 50,000.00

rate = 12%

and time = 1 year

For annually,

Interest={50000(1+12/100)^1 }-50000= {50000(1.12)}-50000 = 56000–50000 = 6000 [Interest in 1 year when you get 12% interest compounded yearly]

For Half Yearly,

Interest = {50000(1+12/200)^2}-50000 = {50000(1.06)^2}-50000 = {50000(1.1236)}-50000 = 56180–50000 = 6180 [Interest in 1 year when you get 12 % interest compounded half yearly]