Question
Download Solution PDFA Person borrowed Rs. 32,000 at a yearly 9% simple interest and deposited the same amount in a bank at a yearly compound interest of 10%. What is the gain in rupees at the end of 3 years?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
P = 32,000, r = 9% and t = 3 years
Formula:
SI = Prt/100 [P = principal, r = rate of interest, t = time period]
A = P (1 + r/100)t
CI = A - P
Calculation:
SI = (32000 × 9 × 3)/100
⇒ SI = Rs. 8640
Again,
P = 32,000, r = 10% and t = 3 years
⇒ A = 32000 × (1 + 10/100)3
⇒ A = 32000 × 11/10 × 11/10 × 11/10
⇒ A = Rs. 42,592
CI for 3 years = 42,592 - 32,000 = Rs. 10,592
∴ Difference between CI and SI for 3 years = 10,592 - 8640 = Rs. 1952
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