hey guys plz Anwar to my question..Atul borrowed $24000 at the rate of17 1/2% 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??
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Principal = 16000, Rate = 15/2%, Time = 2years.
abe borrowed the money at simple interest. so, he has to pay after two year = S.I. = P ×R × T / 100. =₹16000 ×15 ×2 /100 ×2. = ₹160 × 15 .
= ₹ 2,400.
Amount = P + SI. = ₹16000 + 2400 = ₹ 18400.
And after two year You have to pay him by compounded annually =
Amount = P ( 1 + R/ 100 ) ^T
= ₹ 16000 ( 1 +7.5/100 ) ^2
= ₹16000 ×43/40 × 43/40
= ₹ 10 × 1849 = ₹ 18490.
Then , From ₹ 18490 he have to pay ₹ 18400.
So, he have left ₹ 90.
so, he has gain of ₹ 90. after 2 years. Ans
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