Question

Mr. x invested an amount for 2 years at 15 percent per annum at simple interest. had the interest been compounded anually, he would have earned rs. 450/- more as interest. what was the amount invested ?

Answer 1

if amount = x
so 2 year simple interest = 30x
2 year compound interest= 32.25x
difference = 2.25x
so sum = (450/2.25)×100= 2000₹

Answer 2

The amount invested is Rs 20000.

Step-by-step explanation:

Let Principal be P.

Rate is R=15%=0.15

Time is T=2 years

Using simple interest formula,

$SI=P\times R\times T$

$SI=P\times 0.15\times 2$

$SI=0.3P$

Using compound interest formula,

$CI=P(1+r)^t-P$

$CI=P(1+0.15)^2-P$

$CI=P(1.15)^2-P$

$CI=1.3225P-P$

$CI=0.3225P$

He earned in interest is Rs.450.

Total Interest is $I=SI+CI$

$I=CI-SI$

$450=0.3225P-0.3P$

$450=0.0225P$

$P=\frac{450}{0.0225}$

$P=20,000$

Therefore, the amount invested is Rs 20000.

#Learn more

Find the amount and the compound interest on rs 16000 for 3 years at 5 percent per annum compounded anually.

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