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.

Answer 1

Solution:-
Let Anuj and Rajesh lent money =Rs x
​Rate = 8%
time = 2 years
As given Anuj take simple interest So , total money after two years

= x +
= x + 0.16 x
= 1.16 x rs
And Rajesh take compound interest So total amount after two years

= 1.1664 x rs

And after two years Rajesh received 64 rs more than Anuj.
Therefore
1.1664 x = 1.16 x + 64

1.1664x -1.16x = 64

0.0064 x = 64
x = 10,000
So money lent by Anuj and Rajesh = Rs 10,000

Interest received by Anuj = 1.16 * 10000 - 10000 = Rs 1600

$InterestreceivedbyRajesh=1.1664\times 10000-10000=Rs1664$