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What is the difference between simple interest and compound interest on Rs. 10,000 for two years at 20% per annum compounded half-yearly ? 

This question was previously asked in
CDS Elementary Mathematics 16 April 2023 Official Paper
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  1. Rs. 842
  2. Rs. 756
  3. Rs. 641
  4. Rs. 542

Answer (Detailed Solution Below)

Option 3 : Rs. 641
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Detailed Solution

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Formula used:

When interest is compounded half-yearly

Time = 2 × original time

Rate = (1/2) × original rate.

Calculation:

Rate = 20/2 = 10%

Time = 2 × 2 = 4 half-year

P = 10000/-
1st half-year 1000      
2nd half-year 1000 100    
3rd half-year 1000 200 10  
4th half-year 1000 300 30 1

 

S.I = 1000 + 1000 + 1000 + 1000 = 4000

C.I = 4000 + 600 + 40 + 1 = 4641

∴ C.I - S.I = 4641 - 4000 = 641

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