Atul borrowed ₹24000 at the rate of 19/2 percent per annum on simple interest.On the same day,he lent it to Amit at the same rate but compounded annually.What does he gain at the end of 2 years?
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Question:-
Atul borrowed ₹24000 at the rate of 19/2 percent per annum on simple interest.On the same day,he lent it to Amit at the same rate but compounded annually.What does he gain at the end of 2 years?
Answer:-
Amount to be paid by Amit:
SI=
100
PRT
=16000×17.5×
100
2
=Rs5600
Amount gained by Amit:
A=P(1+
100
R
)
n
A=16000(1+
100
17.5
)
2
A=50000(1.175)
2
A= Rs 22090
We know that:
CI=A–P= Rs 22090– Rs 16000= Rs 6090
Amit’s gain in the whole transaction = Rs 6090– Rs 5600= Rs 490
Amit borrowed Rs 16000 at 1712% per annum simple interest. On the same day, he lent it to Ashu at the same rate but compounded annually.
Answer:
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