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Question
A man lends Rs 15000 at 10.5% per annum C.I., interest reckoned yearly, and another man lends the same sum at 10% per annum, interest being reckoned half-yearly. Who is the gainer at the end of one year and by how much?
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Solution
Case I :
Here P = Rs.15000 and r = 10.5%
So, Amount after 1 year
= `"P"(1 + "r"/100)`
= `15000(1 + 10.5/100)`
= `15000 xx (110.5)/(100)`
= 16575
Case II :
Here P1 = Rs.15000 and rate of intees for half year (r) = 5%
So, Amount after `(1)/(2)` year
= `"P"(1 + "r"/100)`
= `15000 (1 + 5/100)`
= `15000 xx (105)/(100)`
= 15750
Thus, P2 = Rs.15750 and r = 5%
Amount after 1 year
= `"P"(1 + "r"/100)`
= `15750(1 + 5/100)`
= `15750 xx (105)/(100)`
= 16537.50
Hence the first man gains by Rs.16575 - Rs.16537.50
= Rs.37.50.
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