Question

Rakesh invested 38000 at 10% per annum for 1 year. Find the difference between the compound
interest (compounded annually) and the simple interest.​

Answer 1

Answer:

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P= Rs 10000

R=20% p.a

n=2 years

A=P(1+100R)n

A=10000(1+10020)2

A=10000(1.2)2

A=14400

When the interest is compounded half-yearly,

We have:

A=P(1+200R)2n

A=10000(1+20020)4

A=10000(1.1)4

A= Rs 14641

Difference = Rs 14641– Rs 14400= Rs 241

Answer 2

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Step-by-step explanation:

P= Rs 10000

R=20% p.a

n=2 years

A=P(1+100R)

A=10000(1+10020)2

A=10000(1.2)2

A=14400

When the interest is compounded half-yearly,

We have:

A=P(1+200R)2n

A=10000(1+20020)4

A=10000(1.1)4

A= Rs 14641

Difference = Rs 14641– Rs 14400= Rs 241

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