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Vikram borrowed from a bank at per annum simple interest. He lent it to his friend Venkat at the same rate but compounded annually. Find his gain after years.

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280

38.117

370

347.13

answer is B.

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Detailed Solution

Formula used for simple interest
Simple interest

Also formula used for compound interest
Amount

Where

=Amount

=Principal

=Rate of interest and

=Time
We have Principal

Time

years
=

years
And Rate of interest

per annum
Now Vikram has to pay a bank so, we have calculated simple interest then
We can use formula of simple interest
Simple interest

Substituting the value of

and

we get,

So Vikram has to pay

to the bank after

years.
Again Vikram lent

to Venkat at same rate compounded annually
So, we have calculated compound interest then
We can use formula for the amount here and we have the formula

Substituting the value of

and

we get

Solving the bracket first, we get

As the power is two and half so, we can write

So, Amount will be

.
Now to find compound interest we need to subtract principal from amount so,
Compound interest =Amount –Principal

Substituting the value of principal and amount, we get

So, Vikram gain

Therefore, Vikram gain after

years is

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