Akash borrows ₹ 65000 at 10% per annum simple interest for 3 yr and lends it at 10% per annum compound interest for 3 yr , Find his gain after three years.?
Correct Answer: ₹ 2015
Explanation:
SI on ₹ 65000 at the rate of 10% for 3 yr
= (65000 x 10 x 3)/100 = ₹ 19500 CI on ₹ 65000 at the rate of 10% for 3 yr
= 65000(1 + 10/100)2 - 65000
= 65000(11 x 11 x 11 - 10 x 10 x 10)/1000 = ₹ 21515 ∴ Required gain = 21515 - 19500 = ₹ 2015
