Mr Thomas invested rupees 20000 at simple interest rate of 10% per annum for 3 year while Mr Sinha invested the same sum at the compound interest rate of 15% for 2 years who will earn more interest and by how much?
Answer is Rs 450
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Answer:
Sinha earned more interest by ₹450 than Mr thomas.
Step-by-step explanation:
Mr Thomas earned ₹6000 as interest (20000*(10/100)*3).
Sinha earned interest of ₹6450.(20000*0.3225).
hence Sinha earned more interest of ₹450 than Mr thomas.
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