Mohmadbhai kept Rs. 30,000 in a bank at 9%
compound interest for 2 years. Mohsin invested
Rs. 95,000 in a mutual fund for 2 years and received
Rs. 1,14,000. Whose investment was more
profitable?
Answers
Given :- Mohmadbhai kept Rs. 30,000 in a bank at 9% compound interest for 2 years. Mohsin invested Rs. 95,000 in a mutual fund for 2 years and received Rs. 1,14,000. Whose investment was more profitable ?
Solution :-
case 1) :-
- Principal = Rs.30000
- Time = 2 years.
- Rate = 9% compounded annually .
- CI = P[{1 + (R/100)}^T - 1]
so,
→ CI = 30000[{1 + (9/100)}² - 1]
→ CI = 30000[(109/100)² - 1]
→ CI = 30000[(109² - 100²)/10000]
→ CI = 3 * 209 * 9
→ CI = Rs.5643
then,
→ Profit % = (5643 * 100)/30000 = 18.81% .
therefore, Mohmad bhai profit from bank is 18.81% .
case 2) :-
→ sum invested by muhsin = Rs.95000 .
→ sum received = Rs.1,14,000 .
so,
→ Profit recieved from mutual fund = 114000 - 95000 = Rs.19000 .
then,
→ Profit % = (19000 * 100) / 95000 = 20% .
therefore, Mohsin profit from mutual fund is 20% .
Hence, we can conclude that, The investment of Mohsin was more profitable .
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