Question

Atul borrowed ₹24000 at the rate of 19/2 percent 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?
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Answer 1

Question:-

Atul borrowed ₹24000 at the rate of 19/2 percent 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?

Answer:-

Amount to be paid by Amit:

SI=

100

PRT

=16000×17.5×

100

2

=Rs5600

Amount gained by Amit:

A=P(1+

100

R

)

n

A=16000(1+

100

17.5

)

2

A=50000(1.175)

2

A= Rs 22090

We know that:

CI=A–P= Rs 22090– Rs 16000= Rs 6090

Amit’s gain in the whole transaction = Rs 6090– Rs 5600= Rs 490

Amit borrowed Rs 16000 at 1712% per annum simple interest. On the same day, he lent it to Ashu at the same rate but compounded annually.

Answer 2

Answer:

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