The following table shows the details about money invested (principal) in a…
2023
The following table shows the details about money invested (principal) in a bank at a certain rate of interest for a given period of time by six different male persons A-F, alongwith with the amount received (in ₹). Some values are missing in the table (indicated as '-') that you are expected to calculate if required. Based on the data in the table, answer the questions that follow.
Person-wise Details of Money Invested
Person | Rate of Interest (%) | Time (in years) | Principal (in ₹) | Amount Received (in ₹) |
A | 6% | - | 10000 | - |
B | 6% | - | 30000 | - |
C | - | 5 | - | 25000 |
D | - | 3 | 45000 | - |
E | 8% | - | 20000 | - |
F | - | 2 | 60000 | - |
Note: Calculate simple Interest unless specified.
If the interest received by F is 20% of the sum invested by him then how much more money as interest he would have earned if he had invested the money in compound interest?
- A.
₹ 700
- B.
₹ 600
- C.
₹ 300
- D.
₹ 400
Attempted by 1 students.
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Correct answer: B
First, calculate the Simple Interest for person F. Given SI is 20% of the principal ₹60,000, so SI = ₹12,000.
Next, determine the rate of interest using SI = (P × R × T) / 100. Substituting values gives 12,000 = (60,000 × R × 2) / 100, resulting in a rate of 10%.
Now, calculate the Compound Interest for 2 years at 10%. The amount becomes ₹60,000 × (1.1)² = ₹72,600, making the CI ₹12,600.
Finally, find the difference between Compound Interest and Simple Interest. The difference is ₹12,600 - ₹12,000 = ₹600.