Question
A person 'P' takes a loan of Rs. 2400 at a simple
interest rate of 15% per annum for a duration of 2 years. 'P' then lends the same amount to another person 'Q' at a compound interest rate of 50% per annum, compounded annually, for the same period. Calculate the profit made by 'P' through this transaction.Solution
ATQ,
Amount to be paid by 'P' = {(2400 × 15 × 2)/100} + 2400 = Rs. 3120 Amount received by 'P' = 2400(1 + 50/100)2 = Rs. 5400 Therefore, profit earned by 'P' = 5400 – 3120 = Rs. 2280
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