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Home Aptitude Compound Interest See What Others Are Saying!
  • Question
  • The difference between compound interest and simple interest on a sum for two years at 8% per annum, where the interest is compounded annually is Rs.16. if the interest were compounded half yearly , the difference in two interests would be nearly


  • Options
  • A. Rs.24.64
  • B. Rs.21.85
  • C. Rs.16
  • D. Rs.16.80

  • Correct Answer
  • Rs.24.64 

    Explanation

    For 1st year S.I =C.I.

     

    Thus, Rs.16 is the S.I. on S.I. for 1 year, which at 8% is thus Rs.200

     

    i.e S.I on the principal for 1 year is Rs.200

     

    Principle =  R s . 100 * 200 8 * 1  = Rs.2500

     

    Amount for 2 years, compounded half-yearly

      R s . 2500 * 1 + 4 100 4 = R s . 2924 . 4

     

    C.I = Rs.424.64

     

    Also,  S . I = R s . 2500 * 8 * 2 100 = R s . 400

     

    Hence, [(C.I) - (S.I)] = Rs. (424.64 - 400) = Rs.24.64

  • Tags: Bank Exams, Bank PO

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