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Question
Rajni and Mohini deposited ₹ 3000 and ₹ 4000 in a company at the rate of 10% per annum for 3 years and `2 1/2` years respectively. The difference of the amounts received by them will be ______.
Options
₹ 100
₹ 1000
₹ 900
₹ 1100
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Solution
Rajni and Mohini deposited ₹ 3000 and ₹ 4000 in a company at the rate of 10% per annum for 3 years and `2 1/2` years respectively. The difference of the amounts received by them will be ₹ 1100.
Explanation:
For Rajni: Principal = ₹ 3000,
Rate = 10% p.a.,
Time = 3 years
Interest = `(P xx R xx T)/100`
= `(3000 xx 10 xx 3)/100`
= ₹ 900
Amount = 3000 + 900 = ₹ 3900
For Mohini: Principal = ₹ 4000,
Rate = 10% p.a.
Time = `2 1/2` years = `5/2` years
Interest = `(P xx R xx T)/100`
= `(4000 xx 10 xx 5)/(100 xx 2)`
= ₹ 1000
Amount = 4000 + 1000 = ₹ 5000
∴ Difference in amounts = 5000 – 3900 = ₹ 1100
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