what is the difference between the compound interests on ₹ 10,000 for 2 years at 20% per annum compounded yearly and half - yearly ?
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Answer:
241
Step-by-step explanation:
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
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