Question

8) Shriya deposited Rs.10,000/- in S.B.I. After 2 years, she
got an amount Rs.10,800/-.
She deposited Rs. 12,000/- in other bank for the same period
and got an amount
Rs. 12,840/-Which deposit is more beneficial? Give reasons?​

Answer 1

Answer:

SBI deposit is more beneficial.

Step-by-step explanation:

Let us assume that the interest rate in SBI is r% per year simple interest.

And the interest rate in the other bank is R% per yeas simple interest.

Now, by the given condition 10000 Rs becomes 10800 Rs, in SBI within 2 years.

Hence, 10800=10000[1+(2r/100)]

⇒1+(2r/100)=1.08

⇒2r/100=0.08

⇒ r= 4%

Again, in the other bank 12000 Rs becomes 12840 Rs. within 2 years.

Hence, 12840=12000[1+(2R/100)]

⇒1+ (2R/100)=1.07

⇒ 2R/100 =0.07

⇒ R=3.5%

Since, r > R

Therefore, the SBI deposit is more beneficial. (Answer)