Compound Interest Practice Test 4

Question : 21 of 40

Marks: +1, -0

Prashant borrowed Rs 17 lakh from his friend at 12% p.a. simple interest. He lent it to Bhaskar at the same rate but at CI. Find Prashant’s gain after 2 years.

Rs 24,840
Rs 28,440
Rs 28,044
Rs 24,480
Rs 20,448

Validate

Solution:

Difference

={\Sum×R×R}/{100×100}

={17,00,000×12×12}/{100×100}=24,480

So, Prashant will gain Rs 24,480.

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