Question
Download Solution PDFWhat is the difference between the compound interests on Rs. 8000 for 1 year at 6% per annum compounded yearly and half-yearly? (In Rs.)
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 8000
Time = 1 year
Rate of interest = 6%
Concept used:
r = rate of interest
n = time in years
Calculation:
Compounded yearly:
⇒
⇒
⇒
⇒
⇒ 8480 - 8000
⇒ 480
Compounded half yearly:
⇒ Rate of interest =
⇒ Time = Time × 2 = 1 × 2 = 2 years
⇒
⇒
⇒
⇒
⇒ 8487.2 - 8000
⇒ 487.2
Difference between compounded yearly and compounded half yearly
⇒ 487.2 - 480
⇒ 7.2
∴ The difference between compounded yearly and compounded half yearly is 7.2.
Last updated on Jun 12, 2025
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