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The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is:________?

Correct answer: B. Rs. 3

  • A. Rs. 2.50
  • B. Rs. 3
  • C. Rs. 3.75
  • D. Rs. 4

Explanation

The simple interest for 1 year is 1,200 Rs x 10% = 120 Rs. With half-yearly compounding, the rate per half-year is 5%, so compound interest is 1,200 Rs x (1.05)^2 - 1,200 Rs = 123 Rs; the difference is 123 Rs - 120 Rs = 3 Rs. Students may choose 2.50 Rs by treating half-yearly compounding as an insignificant adjustment or by using the wrong rate period.

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