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What is the difference between the compound interests on Rs. 5000 for 1 year at 4% per annum compounded yearly and half-yearly?

1. Rs. 2.04
2. Rs. 3.06
3. Rs. 4.80
4. Rs. 8.30

Correct answer: Rs. 2.04

Solution

Yearly CI for 1 year at 4% on Rs. 5000 is Rs. 200. Half-yearly CI is 5000[(1.02)^2 - 1] = Rs. 202. The difference is Rs. 2.04.

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