Khamis deposited RO. 12,000 each in two different banks ,bank A and bank B at a rate of 3.1 % per annum for (55+1) years. If Bank A follows simple interest method and Bank B follows compound interest method, calculate and compare the simple interest and the compound interest that Khamis receives on his deposits.
Khamis deposited RO. 12,000 each in two different banks ,bank A and bank B at a rate of 3.1 % per annum for (55+1) years. If Bank A follows simple interest method and Bank B follows compound interest method, calculate and compare the simple interest and the compound interest that Khamis receives on his deposits.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 26P
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Khamis deposited RO. 12,000 each in two different banks ,bank A and bank B at a rate of 3.1 % per annum for (55+1) years. If Bank A follows simple interest method and Bank B follows compound interest method, calculate and compare the simple interest and the compound interest that Khamis receives on his deposits. |
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