Q21
MathematicsChapter 02: Compound Interest
Question No. 21
Problem Statement
You went to deposit Rs. 60,000 in a bank for 2 years. The bank's notice board offers two fixed deposit accounts: Fixed deposit (P) with half yearly compound interest at 10% p.a., and Fixed deposit (Q) with yearly compound interest at 12% p.a. (i) How much interest will be collected in account (P) after 2 years? (ii) How much interest will be collected in account (Q) after 2 years? (iii) After knowing the interest rates of both options, by which option will you deposit the money? And why?
High Frequency SEE Question Difficulty: Moderate