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Rakesh lent out Rs. 10000 for 2 years at $20 %$ per annum, compounded annually. How much more he could earn if the interest be compounded half-yearly?

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Rs.241

Rs.281

Rs.263

Rs.248

answer is B.

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Detailed Solution

Given,

Principal (P) = Rs 100 00 Rate (R) = 20 ​ ​ % ​ ​ p .a Time (T) = 2 years or 4 half years

The formula to calculate the amount is given by

A = P 1 + R 100 T

⇒ A = 10000 1 + 20100 2 ⇒ A = 100001201002 ⇒ A = Rs 14400

Compute the amount when interest is compounded half yearly,

A = P 1 + R 200 T A = 10000 1 + 20200 4 A = 10000 1.1 4 A = Rs 14641

Difference = Rs.14641 – Rs.14400
⇒Rs.241
Hence, Rakesh could earn Rs 241.
Hence, the correct option is 2.

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