You are requested to imagine having invested Rs.5000 in 3 different schemes of any
bank or a post office for 2 years at 10% p.a.
(a) Scheme 1 - where you earn simple interest.
(b) Scheme 2 - where p annually.
(c) Scheme 3 - where your money is compounded half yearly.
Find the amount and the interest earned in each case and note your
observations.
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Step-by-step explanation:
Given You are requested to imagine having invested Rs.5000 in 3 different schemes of any
bank or a post office for 2 years at 10% p.a.
(a) Scheme 1 - where you earn simple interest.
(b) Scheme 2 - where p annually.
(c) Scheme 3 - where your money is compounded half yearly.
Find the amount and the interest earned in each case and note your
observations.
- So given principal p = Rs 5000, time t = 2 years, rate of interest R = 10%
- Now simple interest S.I = P x R x T / 100
- = 5000 x 10 x 2 / 100
- Or simple interest = Rs 1000
- Now for the principal compounded annually we get
- So Amount = P (1 + R/100)^n
- = 5000 (1 + 10/100)^2
- = 5000 (1 + 10/100)^2
- = 5000 (11 / 10)^2
- = Rs 6,050
- So Compound Interest C.I = Amount – Principal
- = 6,050 – 5,000
- = 1,050
- Now for the principal compounded half yearly we get
- P = 5000, R = 10% = 10/2 = 5%, T = 2 years = 2 x 2 = 4 years
- So A = 5000 (1 + 5/100)^4
- = 5000 (21/4)^4
- = 194481 / 32
- = 6077.53
- Therefore C.I = A – P
- = 6077.53 – 5000
- = 1077.53
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