Question

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a sum of money is invested at C. l for 3/2 yrs at 4% compounded annually. if the interest were compound semi annually, it would have fetched Rs 20.40 more than in the previous case find the sum??

Answer 1

annually amount =S(1+4/100)^3/2=S(104/100)(√104/√100)

approximately √104=10.19=10
annual amount =S(104/100)

semi annually
rate =2 year =3

amount =S(1+2/100)^3=S(102/100)^3
DIFFERENT IS 20.40

S(102/100)^3 - S(104/100)=20.40
S(1061208 - 1040000)/(100)^3=20.40
S(21208/(100)^3)=20.40
S=961.9=962