A man lent Rs 4500 at 30% compound interest per annum for 3 years. What is the
difference between the interest earned by the man in the 2nd year only and the
interest earned by the man in the 3'' year only?
1) 700
2) 643
3) 2281
4) 526.5
5)844
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Answer:
526.5 is correct option
Explanation:
Interest earned by man on 2nd year :-
=4500 ×[ { 1 + (30) } 2 - 1 ] - ( 4500 × 30 × 1 )
100 100
=4500 × (69) - 1350 = 3105 - 1350 = ₹ 1755
Interest earned by man on 3 year
4500 × [ { 1 + (30) } 3 - 1 ] - 4500 × [ { 1 + (30) } 2 - 1
100 100
4500 × (1197) - 4500 × 69
=5386.5 - 3105 = 2281.5
therefore required difference = 22815.5 - 1755 = ₹ 526.5
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