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Naresh Ramesh
Asked: 2022-10-31T06:58:06+05:30 In:

A sum of Rs. 23000 was invested under simple interest for 8 years at a rate of interest 8%. A sum of Rs. 95000 was invested under compound interest at a rate of 12% for two years. Find the difference between the interests.
1. 8992
2. 10092
3. 9128
4. 9448

A sum of Rs. 23000 was invested under simple interest for 8 years at a rate of interest 8%. A sum of Rs. 95000 was invested under compound interest at a rate of 12% for two years. Find the difference between the interests.
1. 8992
2. 10092
3. 9128
4. 9448
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1 Answer

  1. Correct Answer – Option 4 : 9448

    Given:

    A sum of Rs. 23000 was invested under simple interest for 8 years at a rate of interest 8%.

    A sum of Rs. 95000 was invested under compound interest at a rate of 12% for two years.

    Formula Used:

    Simple Interest = Principal × rate × time/100 = prt/100 (Where principal be p and rate be r).

    Interest under compound interest = p × [(1 + r/100)n – 1]

    Calculation:

    Interest under compound interest = 95000[(1 + 12/100)2 – 1]

    ⇒ 95000 × 1.12 × 1.12 – 95000 = Rs. (119168 – 95000) = Rs. 24168

    Interest under SI = prt/100 = Rs. (23000 × 8 × 8/100) = Rs. 14720

    Difference = Rs. (24168 – 14720) = Rs. 9448

    ∴ The difference between the interests is Rs. 9448

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