Dileep and Manoj deposited the same amount under different schemes giving 10% interest. Dileep gets only simple interest, while Manoj gets interest compounded annually. After 2 years, Manoj had 50 rupees more than Dileep. How much money did each deposit?

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Solution

Rate of interest for Dileep and Manoj, R = 10%

Time, T = 2 years

Let the money each deposited be P.

For Dileep:

Simple interest =

Amount received by Dileep = Principal + Simple interest

= P +

For Manoj:

Amount =

Amount received by Manoj = Rs.50 + Amount received by Dileep

Thus, Dileep and Manoj deposited Rs.5000.

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