Question

Sudhir lent 2000 at compound interest at 10% payable yearly, while Prashant lent 2000 at compound interest at 10% payable half-yearly,Find the difference in the interest received bySudhir and Prashant at the end of one year.

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Answer 1

Given:

Sudhir lent Rs. 2000/- at compound interest at 10% payable yearly.

Prashant lent Rs. 2000/- at compound interest at 10% payable half-yearly

To Find:

Difference in the interest received by

Sudhir and Prashant at the end of one year.

Solution:

Sudhir Case:

Principal (P) = Rs. 2000/-

Rate (r) = 10%

Number of times interest applied per time period (n) = 1

Time period = 1 year

Using Compound interest formula:

A = P( 1 + r/n )^nt

A = 2000( 1 + 10/100)¹

A = 2000( 110/100 )

A = Rs. 2200/-

Prashant Case:

Principal (P) = Rs. 2000/-

Rate (r) = 10%

Number of times interest applied per time period (n) = 2

Time period = 1 year

Using Compound interest formula:

A = P( 1 + r/n )^nt

A = 2000( 1 + 10/100×2)²

A = 2000( 105/100 × 105/100)

A = Rs. 2205/-

Difference in the interest received by Sudhir and Prashant at the end of one year :-

= 2205 - 2200

= Rs. 5/-

Hence, Rs. 5/- is the required answer.

Answer 2

Step-by-step explanation:

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