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A person deposited a sum of Rs.6,000 In a bank at 5% per annum simple Interest. Another person deposited Rs.5,000 at 8% per annum compound Interest After two years, the difference of their Interests will be

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A person deposited a sum of Rs.6,000 In a bank at 5% per annum simple Interest. Another person deposited Rs.5,000 at 8% per annum compound Interest After two years, the difference of their Interests will be
1). Rs.230
2). Rs.232
3). Rs.832
4). Rs.600

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2 answers

3 vote
Answered by on | Votes 3 |
Rs.232 is the correct answer as per the ssc answer key

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1 vote
Answered by on | Votes 1 |

. S.I = $\frac{6000\times5\times2}{100}$ = 600

C.I = 5000($1+\frac{8^{2}}{100}$) - 1

$5000\times\frac{104}{625}$

Required difference
= (832–600) = 232

Accepted Answer




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