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Which of the following rates of interest yield the maximum interest in 2 years on a certain sum?
- Option 1)
Interest compounded per month at 1% p.m.
- Option 2)
Interest compounded per month at 1.5% p.m.
- Option 3)
Interest compounded per half year at 6% per half year
- Option 4)
Interest compounded per year at 12% p.a.
- Option 5)
Interest compounded per quarter at 3% per quarter
Which of the following rates of interest yield the maximum interest in 2 years on a certain sum?
- Option 1)
Interest compounded per month at 1% p.m.
- Option 2)
Interest compounded per month at 1.5% p.m.
- Option 3)
Interest compounded per half year at 6% per half year
- Option 4)
Interest compounded per year at 12% p.a.
- Option 5)
Interest compounded per quarter at 3% per quarter
Answers (1)
As interest compounded per month at 1 % so on a fixed principal interest will be given 12 times in a year, greater the no. of times of interest calculated greater the amount in the end.
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