Joseph deposited 15000/- in a bank at the rate of 10% simple interest. Rafeek deposited 15000/- in another bank at the rate of 10% compound interest.
a) After 2 years, how much amount would Joseph get back? b) After 2 years, how much amount would
Rafeek get back?
Answers
Answered by
3
joseph = 18000/-
Rafeek = 18150/-
Attachments:
Answered by
5
Joseph deposited 15000/- in a bank at the rate of 10% simple interest. Rafeek deposited 15000/- in another bank at the rate of 10% compound interest.
- a) After 2 years, We have to find the amount got back by Joseph.
- After 2 years, We have to find the amount got back by Rafeek.
For Joseph,
Principal, P = 15,000
Rate of interest, r = 10 % simple interest
Time, t = 2 years
SI = (P × r × t)/100
= (15000 × 10 × 2)/100
= 3000
Therefore amount after 2 years was got back by Joseph = 15,000 + 3,000 = 18,000
For Rafeek,
Principal, P = 15,000
Rate of interest, r = 10 % compound interest
Time, n = 2 years
using formula, A = P(1 + r/100)ⁿ
= 15000(1 + 10/100)²
= 15000 × 121/100
= 150 × 121
= 18150
Therefore amount after 2 years was got back by Rafeek = 18,150.
Similar questions