ram invested 1,00,000 rupees at an interest rate of 8% compounded annually,
whereas som invested same amount at 8% interest rate compounded half yearly.
Find their total amount after three years. Who got more interest and how much?
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principal amount given is Rs. 10, 000
Interest rate is 8% per year for 12 months.
It is compounded half yearly.
So,After 6 months, interest added =
100
8
×10,000
=Rs.800.
Sum = 10000+800
=Rs. 10,800.
After 12 months, It is compounded with interest
=10,800×
100
8
=Rs.8.64
∴ Compound interest =800+864
=Rs.1664
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