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A person deposited a sum of of Rs 6000 in a bank at 5% per annum simple interest. Another person deposited Rs 5000 at 8% per annum compound interest. After two years, the difference of their interest will be = ?

A.

Rs. 230

B.

Rs. 232

C.

Rs. 832

D.

Rs. 600

Answer with explanation

Answer: Option BExplanation

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A bank offers 5% compound interest calculated on half-yearly basis. A customer deposits Rs. 1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is

A.

B.

C.

D.

Answer with explanation

Answer: Option BExplanation

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