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SSC Sample Paper Mock Test-10 SSC CGL Tear-II Paper-1

  • question_answer
    What is the difference between compound interests on Rs. 5000 for \[1\frac{1}{2}\text{yr}\] at 4% per annum according as the interest is compounded yearly or half-yearly?

    A)  Rs. 2.04

    B)  Rs. 3.06

    C)  Rs. 8.30

    D)  Rs. 4.80

    Correct Answer: B

    Solution :

    Compound Interest (when compounded yearly)
    \[=5000{{\left( 1+\frac{4}{100} \right)}^{1.5}}-5000\]
    \[=5000={{\left( \frac{26}{25} \right)}^{1.5}}-5000=5302.9805-5000\]
    = Rs. 302.9805
    CI (when compounded half-yearly)
                            \[=5000{{\left( 1+\frac{2}{100} \right)}^{3}}-5000\]
    \[=5306.04-5000\]= Rs. 306.04
    Required difference = Rs.\[(306.04-302.9805)\]
    = Rs. 3.059 = Rs. 3.06 (approx.)


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