Question

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

Answer 1

Answer:

Ravi's amount is more than Raj by Rs. 22.5

Step-by-step explanation:

SI on Raj,

SI = (pnr)/100

= (1000×2×15)/100

= 300

Amount = P+SI = 1000 + 300 = Rs. 1300.

CI on Ravi,

A = P × $(1+r/100)^{n}$

= 1000 (1+ 15/100)²

= Rs. 1322.5

Ravi's amount is more than Raj by Rs. 22.5