Advertisements
Advertisements
Question
Anuj and Rajesh each lent the same sum of money for 2 years at 8% simple interest and compound interest respectively. Rajesh received Rs. 64 more than Anuj. Find the money lent by each and interest received.
Solution
Let the sum of money lent by both Rs. y
For Anuj
P = Rs.y ; rate = 8% and time = 2 years
∴ S.I. = `[ "P" xx "R" xx "T" ]/100 = [ y xx 8 xx 2 ]/100 = (4y)/25`
For Rajesh
P = Rs. y ; rate = 8% and time = 2 years
∴ C.I. = P`[(1 + r/100)^n - 1] = y[( 1 + 8/100)^2 - 1] = (104y)/(625)`
Given : C.I. - Rs. 64
⇒ `(104y)/(625) - (4y)/(25) = 64`
⇒ `(4y)/(625) = 64`
⇒ `y = [64 xx 625]/4` = Rs. 10,000
Interest received by Anuj = `[ 4 xx 10,000 ]/25` = Rs. 1600
Interest received by Rajesh = `[ 104 xx 10,000 ]/625` = Rs. 1664.
APPEARS IN
RELATED QUESTIONS
Nikita invests Rs. 6000 for two years at a certain rate of interest compounded annually. At the end of the first year, it amounts to Rs. 6720. Calculate:
1) the rate of interest.
2) the amount at the end of the second year.
Calculate the amount and the compound interest for the following:
Rs.40, 000 at `5 1/4` % p.a. in `1 1/3` years
Calculate the amount and the compound interest for the following:
Rs.16, 000 at 15 °/o p.a. in `2 2/3` years
Rohit borrows Rs. 86,000 from Arun for two years at 5% per annum simple interest. He immediately lends out this money to Akshay at 5% compound interest compounded annually for the same period. Calculate Rohit's profit in the transaction at the end of two years.
Calculate the amount and compound interest on Rs 20000 for 3 years at 10% per annum, interest being payable annually.
A man invests Rs 24000 for two years at compound interest, If his money amounts to Rs 27600 after one year, find the amount at the end of second year.
What sum will amount to Rs.10120 in 2 years at C.I. payable annually, if the rates are 10% and 15% for the successive years?
A man borrows Rs.20000 at 10% per annum compound interest payable annually. If he repays Rs.5000 at the end of the first year and Rs.10000 at the end of the second year; how much should he pay at the end of the third year in order to clear the account? Find the answer correct to the nearest rupee.
Ankita bought a gold ring worth Rs.x. The value of the ring increased at 10% per year compounded annually, on which the appreciation for the first year plus the appreciation for the second year amounts to Rs.6300. Find the value of the ring.
How much will Rs 25000 amount to in 2 years at compound interest, if the rates for 1st and 2nd years be 4% and 5% p.a. respectively?
