Question

saqib has two offers he can invest Rs 15000 for 2 years which will fetch him an interest at 8% p.a. or invest the same money for 3 years at 61/2 p.a. which is better

61/2​

Answer 1

Answer:

3284.91

Step-by-step explanation:

We know the formula,

A=P(1+

n

r

)

n.t

Given:

P= Rs. 15000,r=20%,n=4 and t=2.5 years

⇒A=15000(1+

4

0.08

)

2×2.5

⇒A=15000×1.02

10

⇒A=15000×1.218994

⇒A= Rs. 18284.91

To find interest, we use formula

A=P+I

Since A=18284.91 and P=15000, we have

A=P+I

⇒18284.91=15000+I

⇒I=18284.91−15000=3284.91

Interest, I= Rs. 3284.91

Answer 2

Answer:

61/2 p.a is better

Step-by-step explanation:

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