kamal and anand each lent the same sum of money for 2 years at 5% at simple interest and compound interest respectively .Anand received 15 Rs more than Kamal . find the amount of money lent by each and the interest received.
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Let the principal amount be P
Interest received by Kamal is=
SI = PRT/100
SI = P(5)(2)/100
SI = P/10 = 0.1P
Interest received by Anand is =
CI = P [ (1 + r/100)^t - 1 ]
CI = P [ (1 + 5/100)^2 - 1 ]
CI = P [ (1.05)^2 - 1 ]
CI = P [ 0.1025 ] = 0.1025 P
As difference between their interests is 15 we get
CI - SI = 15
Putting values, we get
0.1025P - 0.1P = 15
0.0025P = 15
25/10000 P = 15
P = 6000
So, SI = 0.1P = 6000(0.1) = 600
And CI = 600 + 15 = 615
Therefore, Kamal received 600 interest, Anand received 615; both on principal of 6000
Interest received by Kamal is=
SI = PRT/100
SI = P(5)(2)/100
SI = P/10 = 0.1P
Interest received by Anand is =
CI = P [ (1 + r/100)^t - 1 ]
CI = P [ (1 + 5/100)^2 - 1 ]
CI = P [ (1.05)^2 - 1 ]
CI = P [ 0.1025 ] = 0.1025 P
As difference between their interests is 15 we get
CI - SI = 15
Putting values, we get
0.1025P - 0.1P = 15
0.0025P = 15
25/10000 P = 15
P = 6000
So, SI = 0.1P = 6000(0.1) = 600
And CI = 600 + 15 = 615
Therefore, Kamal received 600 interest, Anand received 615; both on principal of 6000
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