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Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?
- a)Rs. 22,000
- b)Rs. 25,000
- c)Rs. 18,000
- d)None of these
Correct answer is option 'D'. Can you explain this answer?
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Mr. X invested an amount for 2 years at 15% per annum at simple intere...
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Solution:
Let's assume the principal amount invested by Mr. X is P.
Simple Interest:
The formula to calculate simple interest is given by:
Simple Interest = (Principal * Rate * Time) / 100
In this case, the simple interest earned by Mr. X in 2 years at a rate of 15% per annum is:
SI = (P * 15 * 2) / 100
Compound Interest:
The formula to calculate compound interest is given by:
Compound Interest = P * (1 + Rate/100)^Time - P
In this case, the compound interest earned by Mr. X in 2 years at a rate of 15% per annum is:
CI = P * (1 + 15/100)^2 - P
Given that the interest earned through compounding is Rs. 450 more than the interest earned through simple interest. Hence, we can write the equation as:
CI - SI = 450
Simplifying the equation:
(P * (1 + 15/100)^2 - P) - (P * 15 * 2) / 100 = 450
Further simplifying:
P * (1 + 15/100)^2 - P * 15/100 * 2 = 450
P * (1 + 0.15)^2 - P * 0.15 * 2 = 450
P * 1.15^2 - P * 0.3 = 450
P * 1.3225 - P * 0.3 = 450
P * (1.3225 - 0.3) = 450
P * 1.0225 = 450
P = 450 / 1.0225
P ≈ 440.37
Therefore, the amount invested by Mr. X is approximately Rs. 440.37, which is not one of the given options. Hence, the correct answer is option 'D' (None of these).
Note: It is important to note that the options provided in the question do not include the exact answer.
Let's assume the principal amount invested by Mr. X is P.
Simple Interest:
The formula to calculate simple interest is given by:
Simple Interest = (Principal * Rate * Time) / 100
In this case, the simple interest earned by Mr. X in 2 years at a rate of 15% per annum is:
SI = (P * 15 * 2) / 100
Compound Interest:
The formula to calculate compound interest is given by:
Compound Interest = P * (1 + Rate/100)^Time - P
In this case, the compound interest earned by Mr. X in 2 years at a rate of 15% per annum is:
CI = P * (1 + 15/100)^2 - P
Given that the interest earned through compounding is Rs. 450 more than the interest earned through simple interest. Hence, we can write the equation as:
CI - SI = 450
Simplifying the equation:
(P * (1 + 15/100)^2 - P) - (P * 15 * 2) / 100 = 450
Further simplifying:
P * (1 + 15/100)^2 - P * 15/100 * 2 = 450
P * (1 + 0.15)^2 - P * 0.15 * 2 = 450
P * 1.15^2 - P * 0.3 = 450
P * 1.3225 - P * 0.3 = 450
P * (1.3225 - 0.3) = 450
P * 1.0225 = 450
P = 450 / 1.0225
P ≈ 440.37
Therefore, the amount invested by Mr. X is approximately Rs. 440.37, which is not one of the given options. Hence, the correct answer is option 'D' (None of these).
Note: It is important to note that the options provided in the question do not include the exact answer.
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Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer?
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Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer? for Teaching 2024 is part of Teaching preparation. The Question and answers have been prepared according to the Teaching exam syllabus. Information about Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Teaching 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer?.
Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer? for Teaching 2024 is part of Teaching preparation. The Question and answers have been prepared according to the Teaching exam syllabus. Information about Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Teaching 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Mr. X invested an amount for 2 years at 15% per annum at simple interest. Had the interest been compounded, he would have earned Rs. 450/- more as interest. What was the amount invested?a)Rs. 22,000b)Rs. 25,000c)Rs. 18,000d)None of theseCorrect answer is option 'D'. Can you explain this answer?.
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