What is the difference between the compound interests on Rs.15000 for 1 year at 6% per annum compounded yearly and half-yearly? (In Rs.)
Principal = 15000
Rate = 6%
Compound yearly:
CI = 15000[(1.06)^1 − 1]
= 15000 × 0.06
= 900
Compound half-yearly:
Rate = 3%
Periods = 2
Amount = 15000(1.03)^2
= 15000 × 1.0609
= 15913.5
CI = 15913.5 − 15000
= 913.5
Difference
= 913.5 − 900
= 13.5
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