Discussion
What is the difference between the compound interest on Rs.12000 at 20% p.a. for one year when compounded yearly and half yearly?
Answer: B
When compounded annually, interest
= 12000[1 + 20/100] - 12000 = Rs.2400
When compounded semi-annually, interest
= 12000[1 + 10/100]² - 12000 = Rs.2520
Required difference = 2520 - 2400 = Rs.120
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