πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!

  • google app store apple app store
  • βœ–

      Question

      Suresh earned an interest of Rs. 903 on principal amount

      of Rs. 2800 at some rate of compound interest in 2 years. How much more/less interest would he have earned on Rs. 3200 at the same rate of simple interest for the same duration?
      A Rs. 72 Correct Answer Incorrect Answer
      B Rs. 45 Correct Answer Incorrect Answer
      C Rs. 57 Correct Answer Incorrect Answer
      D Rs. 54 Correct Answer Incorrect Answer

      Solution

      Let, rate of interest be β€˜r’% per annum So, 903 = 2800 Γ— {(1 + r/100)2 – 1} 129/400 = {(1 + r/100)2 – 1} 529/400 = (1 + r/100)2 (23/20)2 = (1 + r/100)2 23/20 = 1 + r/100 3/20 = r/100, r = 15 So, simple interest earned = 3200 Γ— 0.15 Γ— 2 = Rs. 960 Required amount = 960 – 903 = Rs. 57

      Practice Next

      Relevant for Exams:

      ask-question