mita invested Rs 25000 for 5 yrs at 12% per annum simple interest in a fixed deposit with a company and mohit invested Rs 25000 for 3 yrs at 12% per annum compound interest with a bank . who earned more interest and by how much.
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Mita
P=25000
T=5
R=12%
Si=prt/100
=25000x5x12/100=15000
Mohit
P=25000
R=12%
T=3
Amount =p(1+r/100)^t
=25000(1 +12/100)^3
=25000(112/100)^3
=25000(1.12)^3
=35123.2
Ci=35123.2-25000=10123.2
Mita get more intrest i.e.
=15000-10123.2=4876.8₹
P=25000
T=5
R=12%
Si=prt/100
=25000x5x12/100=15000
Mohit
P=25000
R=12%
T=3
Amount =p(1+r/100)^t
=25000(1 +12/100)^3
=25000(112/100)^3
=25000(1.12)^3
=35123.2
Ci=35123.2-25000=10123.2
Mita get more intrest i.e.
=15000-10123.2=4876.8₹
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