Question

Akash deposit certain amount in a finance company for 3 years at 10% per annum simple interest and the same amount at the same rate but at compound interest for the same period in another finance company he got rupees 186 more as interest from second finance company what is the sum deposited in each. ​

Answer 1

Answer:

Let the prnicipal =x in Rs.

In the first case Time=3 yrs, amount =8x, rate =R.

Now Amount = Principal ×(1+rate)

time

∴x(1+

100

R

)

3

=8x

⟹(1+

100

R

)

3

=2

3

⟹1+

100

R

=2

⟹R=100p.c.

In the second case the amount =16x, Time =n.

∴x(1+

100

100

)

n

=16x

⇒(2)

n

=2

4

⇒n=4 yrs

So, after 4 years, the amount will become 16 times of the invested money.

Hi, hope it helps you. %%%%