A person deposited Rs 60000 in a bank for 2 years at the rate of 10%pa compounded annually. But after one year, bank has changed the policy and decided to pay semi-annual compound interest at the same rate. What is the percentage difference between compound interest of first year and second year?

Step-by-step explanation:

Given: Principal or P .

Rate or R per annum compounded annually.

Time or T years.

To find: Percentage difference between compound interest of first year and second year.

Solution:

First year interest .

First year amount .

For the second year, the interest is compounded semi-annually.

So, time is doubled and the rate is halved.

Second year compounded amount .

Second year compound interest .

Difference in interest of first and second year .

Percentage difference .

Hence, the percentage difference between compound interest of first year and second year is .

idk

step-by-step explanation:

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step-by-step explanation: