Suppose that your friend wants you to invest Rs. 50,000/- in his business. If you invest this amount, he will pay you Rs.2400 per year for 5 years and Rs.60000 at the end of 5 years. At the same time your bank gives you 10% interest. Now you want to determine which one is good deal.
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Given : invest Rs. 50,000/- in his business.
Rs.2400 per year for 5 years and Rs.60000 at the end of 5 years.
bank gives you 10% interest.
To Find : which one is good deal.
Solution:
Assuming Simple interest
P = 50000
R = 10 %
T = 5
SI = P * R * T /100
SI = 50000 * 10 * 5 /100 = 25000
Amount = 50000 + 25000 = 75000
Rs.2400 per year for 5 years and Rs.60000 at the end of 5 years.
= 2400 x 5 + 60000
= 12000 + 60000
= 72000
75000 > 72000
Hence investing in bank is good deal
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