Abhishek invested an amount of Rs. 45000 for 2 years with company B under scheme III which offers compound interest and Jeevan invested an equal amount for 2 years with company C under scheme IV which offers simple interest. Who earned more interest and how much?

Abhishek, Rs. 1875

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Jeevan, Rs. 1875

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Abhishek, Rs. 1962

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Jeevan, Rs. 1962

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None of these

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Solution

The correct option is D Jeevan, Rs. 1962
C.l. received by Abhishek
$= 45000 [{(1 + \frac{8}{100})}^{2} - 1] = R s . (45000 \times 0.1664) = R s . 7488$
Interest received by Jeevan
$= R s . (\frac{45000 \times 10.5 \times 2}{100}) = R s . 9450$
$∴$ Difference $= R s . (9450 - 7488) = R s . 1962$

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Abhishek invested an amount of Rs. 45000 for 2 years with company B under scheme III which offers compound interest and Jeevan invested an equal amount for 2 years with company C under scheme IV which offers simple interest. Who earned more interest and how much?

The correct option is D Jeevan, Rs. 1962C.l. received by Abhishek =45000[(1+8100)2−1]=Rs.(45000×0.1664)=Rs.7488 Interest received by Jeevan =Rs.(45000×10.5×2100)=Rs.9450 ∴ Difference =Rs.(9450−7488)=Rs.1962

The correct option is D Jeevan, Rs. 1962
C.l. received by Abhishek
$= 45000 [{(1 + \frac{8}{100})}^{2} - 1] = R s . (45000 \times 0.1664) = R s . 7488$
Interest received by Jeevan
$= R s . (\frac{45000 \times 10.5 \times 2}{100}) = R s . 9450$
$∴$ Difference $= R s . (9450 - 7488) = R s . 1962$