Question
What sum will give 244 as the difference between simple interest and compound interest at 10% in 1 1 2 years compounded half yearly ?
Answer: Option C
Answer: (c)Using Rule 6,Time = $3/2 × 2 = 3$ half yearsRate = $10/2$ = 5% per half year[Since, when r → $r/2$, then t → 2t]Difference = P$(r^3/1000000 + {3r^2}/10000)$244 = P$(125/1000000 + 75/10000)$244 = P$(7625/1000000)$P = ${244 × 1000000}/7625$ = Rs.32000
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Answer: (c)Using Rule 6,Time = $3/2 × 2 = 3$ half yearsRate = $10/2$ = 5% per half year[Since, when r → $r/2$, then t → 2t]Difference = P$(r^3/1000000 + {3r^2}/10000)$244 = P$(125/1000000 + 75/10000)$244 = P$(7625/1000000)$P = ${244 × 1000000}/7625$ = Rs.32000
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