Question

Mr Gupta borrowed rupees 10000 from his friend Mr malik at 10% per annum simple interest for 3 years he lent this money to Mr Goyal at double the rate for the same duration but compounded annually find his gain after 3 years

Answer 1

✨ HEY MATE ✨

:- Here is your SOLUTION -

➡️ Amount Borrowed by Mr. Gupta = ₹10000
➡️At the Rate of = 10% p.a.
➡️Time = 3 years ( Simple Interest )

➡️SI = P*R*T/100
➡️SI = 10000*10*3/100
➡️SI = ₹3000

Finding Compound Interest :-
➡️A = P(1+R/100)n
➡️A = 10000(1+10/100)3
➡️A = 10000*110/100*110/100*110/100
➡️A = ₹13310

➡️CI = A - P
➡️CI = 13310 - 10000
➡️CI = ₹3,310

Mr. Gupta's Profit = ₹(3310 - 3000)
➡️His Profit = ₹310

Hence Profit = ₹310.
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