Manu deposited ₹ 45,000 in a bank for an year with an interest of 8% compounded annually. His friend Shyam deposited the same amount in another bank at 8 % per annum compounded half yearly for an year. Who get more interest and by how much
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Answer:
Step-by-step explanation:
Given, principal Amount (P) = Rs. 20000
Rate of Interest Amount (r) =5%=0.05
Number of Period (t) =2 years
Compounded Interest (n) =1 (yearly)
Maturity value = P×(1+
n
r
)
nt
= 20000×(1+
1
0.05
)
2
= Rs. 22050
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