InterviewSolution
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Diksha invested Rs 70,000 at the rate of 18% compounded annually for 2 years. Shreya invested Rs 76,000 under simple interest at the rate of 9% per annum for 4 years. Find the difference between the interest of Diksha and Shreya.1. Rs 1082. Rs 543. Rs 2164. Rs 90 |
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Answer» Correct Answer - Option 1 : Rs 108 Given: Diksha invested Rs 70,000 at the rate of 18% compounded annually for 2 years. Shreya invested Rs 76,000 under simple interest at the rate of 9% per annum for 4 years. Formula Used: Simple Interest = P × r × t/100 Compound Interest = P[1 + (r/100)t – 1] Where, P → Principal r → Rate of interest t → Time Calculation: Compound Interest of Diksha = P[(1 + r/100)t – 1] ⇒ 70,000[(1 + 18/100)2 – 1] ⇒ 70,000 × [(118/100)2 – 1] ⇒ 70,000 × 1.18 × 1.18 – 70,000 ⇒ 97,468 – 70,000 ⇒ Rs. 27,468 Simple Interest of Shreya = P × r × t/100 ⇒ (76,000 × 9 × 4)/100 ⇒ Rs 27,360 Difference between the interest of Diksha and Shreya = 27468 – 27360 ⇒ Rs 108 ∴ The difference between the interest of Diksha and Shreya is Rs 108. |
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