Ruchi borrowed Rs1800 from her friends at the rate of 12% per annum at simple interest. She lent it further to another friend Aarti at the same rate but compounded annually. Find the profit that Ruchi earns after 2 years.
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Answer:
Rs 259.2
Step-by-step explanation:
SI for Ruchi = A×R×T/100
= 18000×12×2/100
= 4320
Amount for Aarti = 18000×(1+12/100)2
=18000×112/100×112/100
=22579.2
CI for Aarti = 22579.2-18000
=4579.2
Ruchi's profit = 4579.2-4320
= 259.2
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