Compound Interest Practice Test 3

Question : 37 of 40

Marks: +1, -0

Sonu and Monu lent out an equal sum of money for 2 years at

6 1/ 4 %

per annum on simple interest and compound interest respectively. If Monu gets Rs.

3 1/ 8

more interest than Sonu, find the sum of money lent out by each of them.

Solution:

Here,

P[(1+25/{4×100})^2-1]

-{P×25×2}/{100×4}=25/8

⇒P=25/8×256=800

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