Ujjwala and Bharti invested 10000 each in scheme P and scheme Q respectively for 3 years. Scheme P offers Simple interest @ 12% per annum and scheme Q offers compound interest at 10%. After 3 years, a larger amount will be with whom and how much?

Question

Ujjwala and Bharti invested 10000 each in scheme P and scheme Q respectively for 3 years. Scheme P offers Simple interest @ 12% per annum and scheme Q offers compound interest at 10%. After 3 years, a larger amount will be with whom and how much?

Ujjwala, 280
Bharti, 290
Ujjwala, 290
Bharti, 280
Ujjwala, 300

LohaHridoy

4 views

2025-01-04 04:42

1 Answers

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AhmedNazir · Accepted Answer · 2022-09-04T04:29:57+06:00

Option 3 : Ujjwala, 290

Given:

Investment of Ujjwala and Bharti = Rs. 10,000 each

Rate of interest for Ujjwala in scheme P at S.I = 12%

Rate of interest for Bharti in scheme Q at C.I = 10%

Calculation:

Let us first calculate the total rate% that Ujjwala will have after 3 years:

So, for 3 years tenure, he will get = 12 × 3

⇒ 36%

The amount that Bharti invested at a rate of 10% pa compound interest

By net% effect formula, we can calculate the total percentage for 3 years tenure

∴ Net% effect for 1^st 2 years = 10 + 10 + (10 × 10)/100

⇒ 21%

∴ for the 3^rd year = 21 + 10 + (21 × 10)/100

⇒ 33.1%

So, the difference between SI and CI = 36% – 33.1% = 2.9% (SI is more)

∴ Ujjwala will get 2.9% of 10,000

⇒ 290

So, Ujjwala will have 290 more than Bharti

Alternate Method

Given:

Investment of Ujjwala and Bharti = Rs. 10,000 each

Rate of interest for Ujjwala in scheme P at S.I = 12%

Rate of interest for Bharti in scheme Q at C.I = 10%

Calculation:

Interest for Ujjwala in scheme P = Rs. (10,000 × 12 × 3)/100

⇒ Rs. 3600

Interest for Bharti in scheme Q = Rs. 10,000 × (110/100)³

⇒ Rs. 3310

Difference = Rs. (3600 – 3310)

⇒ Rs. 290

∴ Ujjwala will have Rs. 290 more than Bharti