Question

12) Mita invested 225,000 for 5 years at 12%
per annum simple interest in a fixed deposit
with a company and Mohitinvested 25.000
for 3 years at 12% per annum compound
interest with a bank. Who earned more
interest and by how much?​

Answer 1

Answer:

For Mita,

P = 225000

R = 12%

T = 5 years.

So, I = PRT/100 = 225000 * 12 * 5 / 100 = 135000

For Mohit,

P = 25000

R = 12%

T = 3 years

So, I = PRT/100 = 25000 * 12 * 3 / 100 = 9000.

So, clearly Mitu earned more interest than Mohit.

Answer 2

S.I of Mita:- 22500 × 12 × 5/100

=> 13,500 ..

S.I of Mohit:- 25000 × 3 × 12/100

=> 9,000 ..

=> 13,500 - 9,000 = 4,500.

Therefore Mita earned more interest than mohit by 4,500.

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