Question

Anil and Rahim deposited same amount of money for three years in a Bank. Anil
deposited at 10% simple interest and Rahim deposited at 10% compound interest. After3years Rahim got
1550 more than that of Ani
How much amount they
deposited ?

Answer 1

Answer:

50000 each

Step-by-step explanation:

Anil and Rahim deposited same amount of money for three years in a Bank. Anil  deposited at 10% simple interest and Rahim deposited at 10% compound interest. After3years Rahim got  1550 more than that of Anil

Let say Amount deposited by Anil & Rahim = P  

Anil got after 3 years = Amount Deposited = Simple interest

Simple Interest = P * R * T/100

P = Amount Deposited

R = 10 %

T = 3 Years

Simple Interest = P * 10 * 3 /100 = 0.3P

Anil got = P + 0.3P = 1.3P

Rahim got after 3 years

Amount with compound Interest = P( 1  + R/100)^T

P = Amount Deposited

R = 10 %

T = 3 Years

Rahim got = P(1 + 10/100)³ = P (1.1)³ = 1.331P

Rahim got  1550 more than that of Anil

1.331P - 1.3P = 1550

=> 0.031P = 1550

=> P = 50000

Amount deposited by Anil & Rahim Each = 50000