Question
Ram and Dipti each invested a sum of ₹8000 for a
period of two years at 30% compound interest per annum. However, while for Ram the interest was compounded annually, for Dipti it was compounded every eight months. How much more will Dipti receive as interest compared to Ram at the end of the two-year period?Solution
When the rate of interest is compounded eight months of Dipti = (30 × 8/12) % =20% Time for Dipti = (2 × 12/8) = 3 years Now, CI for Ram is A = P (1 + r/100) t =8000(1+30/100)2 (8000 × 13/10 × 13/10) = (80 × 169) = 13,520 Interest = A – P = (13,520 – 8000) Rs. = 5520 Rs. Now, CI for Dipti is. A = P (1 + r/100) t A = 8000(1 + 20/100)3 = 8000(1 + 1/5)3 = 8000(6/5)3 = 13,824 Interest = A – P = (13,824 – 8000) =5824 Rs. Now, Dipti receives as interest compared to Ram at the end of the two-year period = Rs. (5824 – 5520) = 304 Rs.
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