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      Question

      Sneha deposited Rs. 18000 at a simple interest rate of 10%

      per annum, whereas Riya deposited Rs. 17500 at compound interest of 9% per annum, compounded annually. Calculate the difference in interest earned by Sneha and Riya after 2 years.
      A Rs.308.25 Correct Answer Incorrect Answer
      B Rs.250.55 Correct Answer Incorrect Answer
      C Rs.330.75 Correct Answer Incorrect Answer
      D Rs.445.44 Correct Answer Incorrect Answer

      Solution

      ATQ,


      Simple interest received by Sneha = 18000 × 10 × 2 ÷ 100 = Rs. 3600

      Compound interest received by Riya = 17500 × {(1 + (9/100))}² − 17500

      = 17500 × 1.1881 − 17500

      = Rs. 3291.75

      So, difference in interests received = 3600 − 3291.75 = Rs. 308.25

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