Reshma borrowed Rs.18000 at 10% simple interest.She immediately invested this money at 10% compound interest compounded half yearly.What is Reshma's gain in 18 months?

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Solution

P = 18000 , R = 10%
SI after one year = 1800010/100 = Rs. 1800
Amount = 19800
When it's invested on CI, Rate for 6 months = 10/2 = 5%
CI for first 6 months = 18000 5/100 = Rs. 900
Amount for 6 months = 18900
CI for next 6 months = 18900 * 5/100 = Rs. 945
Total amount = 19845
CI for next 6 months = 19845 *5/100 =Rs. 992.25
Total amount = 20,837.25
Her gain = 20,837.25 - 19,800
= 1037.25

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