A man deposited an amount in the bank at 12% annum simple interest for

1.	A man deposited an amount in the bank at 12% annum simple interest for 3 years, if he had deposited the amount for the same time and rate in compound interest he could have received Rs.1123.2 more. Calculate the amount deposited by the man.1. Rs.250002. Rs.280003. Rs.450004. Rs.150005. Rs.22000
Answer» Correct Answer - Option 1 : Rs.25000 Interest received on simple interest at12% for 3 years SI = (P × R × T)/100 P → Principle amount R → Rate T → Time ⇒ SI = (P × 12 × 3)/100 = 36P/100 = 0.36P Interest received on compound interest at 12% for 3 years CI = P{1 + (R/100)}^t – P ⇒ CI = P(1 + 12/100)³ – P = P{(1.12)³ – 1} = 0.404928P According to question, ⇒ 0.404928P – 0.36P = 1123.2 ⇒ 0.044928P = 1123.2 ⇒ P = 25000 ∴ The amount deposited by the man.is Rs.25000

A man deposited an amount in the bank at 12% annum simple interest for 3 years, if he had deposited the amount for the same time and rate in compound interest he could have received Rs.1123.2 more. Calculate the amount deposited by the man.1. Rs.250002. Rs.280003. Rs.450004. Rs.150005. Rs.22000

Answer» Correct Answer - Option 1 : Rs.25000

Interest received on simple interest at12% for 3 years

SI = (P × R × T)/100

P → Principle amount

R → Rate

T → Time

⇒ SI = (P × 12 × 3)/100 = 36P/100 = 0.36P

Interest received on compound interest at 12% for 3 years

CI = P{1 + (R/100)}^t – P

⇒ CI = P(1 + 12/100)³ – P = P{(1.12)³ – 1} = 0.404928P

According to question,

⇒ 0.404928P – 0.36P = 1123.2

⇒ 0.044928P = 1123.2

⇒ P = 25000

∴ The amount deposited by the man.is Rs.25000

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A man deposited an amount in the bank at 12% annum simple interest for 3 years, if he had deposited the amount for the same time and rate in compound interest he could have received Rs.1123.2 more. Calculate the amount deposited by the man.1. Rs.250002. Rs.280003. Rs.450004. Rs.150005. Rs.22000

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