Question

the compound interest of ₹16000 for 4 years @18% pa is more than the simple interest on same amount for 4 years@8% pa by ₹
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Answer 1

Answer:

What will be the compound interest be on ` 16000 for 1 and a half years at the rate of 10% per annum compounded half-yearly?

I=P[(1+R%n)nt−1]

Data:P- Principal, R%- Rate of Interest-10%, n-frequency of compounding in a year-2, t- number of years-1.5 years.

I=16000[(1+10%2)2×1.5−1]

I=16000[(1.05)3−1]

I=16000[1.1576−1]

I=16000×0.1576

I=2522