Rohan deposited Rs 6,000 at 8% per annum for 3 1/2 years and Sunil deposited Rs 6,000
at 6% per annum for 4 years. Who will get more interest? What amount will each get?
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Step-by-step explanation:
Given,
First man: P= Rs. 6000 ,r=5%, n=2,
Second man : P= Rs. 5000,r=8%,n=2
First man's S.I.=1006000×5×2 = Rs. 600
Second man's C.I.=5000[(1+1008)2−1]
=5000[(2527)2−1]
=5000[625729−625]
=6255000×104
= Rs. 832
∴ Difference in interests = Rs. 832− Rs. 600= Rs. 232
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