Question

Joseph deposited RS 15000 in a bank at the rate of 10% simple interest . Rafeeq deposited

RS 15000 in another bank at the rate of 10% compound interest .

a) After two years how much amount would Joseph get back ?

b) After two years how much amount would Rafeeq get back ?​

Answer 1

Answer:

Joseph will get 18000 after two years and Rafeeq will get 18150 after two years.

Step-by-step explanation:

Joseph

P=15000, R=10%, T=2

A = P + S. I

S. I = PNR/100

= 15000*2*10/100

= 3000

A= P+S. I

= 15000+3000

=18000

Rafeeq

P=15000, R=10%, T=2

A = P (1 + R / 100)rise to T

= 15000 (1 + 10 / 100)rise to 2

= 15000 (10 + 1 / 10)rise to 2. (zero's from 10 and 100 cancelled)

= 15000 * 11/10 * 11/10

= 18150

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