Question
Anita and Rohan each invested a sum of ₹12,000 for 2.5
years at 20% compound interest per annum. However, while for Anita the interest was compounded annually, for Rohan it was compounded quarterly. How much more will Rohan receive as interest compared to Anita at the end of the 2.5 years?Solution
For Anita (compounded annually): A = ₹12,000 (1 + 20/100)2.5 = ₹12,000 × (6/5)2.5 = ₹20,953.92 Interest = A – P =20953.92-12000 = ₹8,953.92 For Rohan (compounded quarterly): Rate per quarter = 20 × 3/12 = 5% Time = 2.5 × 4 = 10 periods A = ₹12,000 (1 + 5/100)10 =12,000 × (21/20)10 = ₹21,331.02 Interest = A – P =21331.02-12000 = ₹9,331.02 Difference in interest = 9,331.02 - 8,953.92 = ₹377.10
AEPS is a payment service offered by NPCI to Banks, The letter ‘E’ in the abbreviation stands for
Match the following:
A) PMJDY P) Financial Inclusion
B) PMSSY Q) Pension scheme
C) PMJJBY R) Ins...
The layer is the upper limit of our atmosphere. It extends from the top of the thermosphere up to 10,000 km (6,200 miles).
Which one of the following Islands, is known as ‘rice bowl’ of Japan?
It is a special provision in an IPO prospectus, which allows underwriters to sell investors more shares than originally planned by the issuer. This wou...
Which state launched 'Gudiya' helpline and 'Shakti button' mobile app for women safety?
Which of the following country has recently declared to recognize Jerusalem as the capital of Israel
The term ‘Operation Flood’ is associated with which commodity.
Emmerson Mnangagwa is currently serving as the president of _________
When is the International Day for the Preservation of the Ozone Layer observed?
