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A sum of money is lent out at compound interest for 2 years at 20% per annum compound interest being reckoned yearly. If the same money is lent out at compound interest at the same rate percent per annum . compound interest being reckoned half yearly it would have fetched rupees 482 more by way of interest. calculate the sum of money

A sum of money is lent out at compound interest for 2 years at 20% per annum compound interest being reckoned yearly. If the same money is lent out at compound interest at the same rate percent per annum . compound interest being reckoned half yearly it would have fetched rupees 482 more by way of interest. calculate the sum of money

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Grade:9

1 Answers

Soumya Ranjan Mohanty
117 Points
5 years ago
let sum of money=Rs x
Compond interest compounded half yearly =(x(1+ 10/100)^4 -x)=4641x/10000 => Compond interest compounded yearly=(x(20/100)^2 -x)=11x/25
=> 4641x/10000 - 11x/25 = 482
=>241x/10000=482
=>x=20000
so sum is Rs 20000

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