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in Compound Interest by (51.8k points)
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Arun deposited Rs 5000 in a bank where compound of interest is computed half yearly. Mohan deposited RS 5000 in a bank where compound interest is computed quarterly she rate of interest at both the banks is 6%. Money was withdrawn by both of them after an year. How much amount Mohan got more than Arun.

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Best answer

Amount deposited by Arun = 5000.

Rate of interest = 6%

Amount Arun gets after an year

= 5000 × (1 + \(\frac{8}{100}\))2

= 5000 × \(\frac{103}{100}\) × \(\frac{103}{100}\)

= 5304.50

Amount deposited by Mohan

= Rs 5000

Rate of interest = 6%

Amount Mohan gets after 1 year

= Rs 5306.82

Amount Mohan gets more than

Arun = 5306.82 – 5304.50

= Rs 2.32

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