Question

Atul borrowed ₹24,000 at the rate if ¹⁷1/2 per annum on simple interest.On the same day,he lent it to Amit at the same rate but compounded annually.What does he gain at the end of 2 years?
Chapter:-Comparing Quantities
Pls answer this fast ​

Answer 1

Given :

Principal ( P ) = Rs 24000

Rate ( R ) :

$- > 17 \frac{1}{2} \: percent \: per \: annum$

$- > 17.5 \: percent$

Time ( T ) = 2 years

$Interest \: paid \: by \: Atul = \frac{(ptr)}{100}$

$- > \frac{(24000 \times 17.5 \times 2)}{100}$

$- > Rs \: 8400$

Amount gained by Atul :

By using the formula ,

$A = P {(1 + \frac{r}{100}) }^{n}$

$- > 24000 {(1 + \frac{17.5}{100}) }^{2}$

$- > 24000 {( \frac{117.5}{100} )}^{2}$

$- > Rs \: 33135$

CI = Rs 33135 - 24000

= Rs 9135

Atul total gain = Rs 9135 - 8400

= Rs 735

I hope it helps u my mirchi ^_^♡♡♡