Question

Raj and Ravi deposit the same amount
of 1000 for 2 years. Raj gets a simple
interest of 15% per annum on his amount
and Ravi gets 8% per annum compound
interest compounded annually. Whose
amount is more and by how much?​

Answer 1

Answer:

Raj's amount is more than Ravi by Rs. 140/-.

Step-by-step explanation:

Raj :-

P = Rs. 1000/-

R = 15%

T = 2 years

SI = PRT /100

= 1000×15×2/100

= Rs. 300/-

A = 1000 + 300

= Rs. 1300/-

Ravi:-

P = Rs. 1000/-

R = 8%

T = 2 years

SI = PRT /100

= 1000×8×2/100

= Rs. 160/-

A = 1000 + 160

= Rs. 1160/-

Difference = Raj - Ravi

= 1300 - 1160

= Rs. 140/-

answer = Raj's amount is more than Ravi by Rs. 140/-.