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CBSE Class 10 Answered

A person deposited Rs. 55,000 in bank for 2 years at 10% compound interest compounded annually. But after one year bank has changed the policy and decided to pay semi- annual compound interest at the same rate. What is the percentage difference between the compound interests of first year and second year ?
Asked by subashkuswar5869 | 27 Mar, 2019, 11:55: AM
answered-by-expert Expert Answer
Principle Amount , p= Rs.55000
Rate of interest per annum, R = 10%
 
First year interest = p×(R/100) = 55000×(10/100) = Rs. 5500
First year Amount = Rs.55000+Rs.5500 = Rs.60500
 
Second year compounded amount = 60500×[ 1+ (10)/(2×100) ]2 = Rs.66701.25 
 
Hence second year compound interest = 66701.25 - Rs.60500 = Rs.6201.25
 
percentage of second year compound interest = (6201.25/60500)×100 = 10.25 %
 
Hence difference in percentage of compound interest = 10.25 - 10 = 0.25%
Answered by Thiyagarajan K | 27 Mar, 2019, 04:46: PM

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