Q3 of 16 Page 107

Mr. Hiralal invested Rs. 2,15,000 in a Mutual Fund. He got Rs. 3,05,000 after 2 years. Mr. Ramniklal invested Rs. 1,40,000 at 8% compound interest for 2 years in a bank. Find out the percent gain of each of them. Whose investment was more profitable?

According to question,


For Ramnikal,


Principal amount = Rs. 1,40,000


Rate, r = 8%


Time period, n = 2years


Compound interest (CI) =


=


=


= Rs.23296


% gain =


= = 16.64%


For Hiralal,


Principal amount = Rs. 2,15,000


Amount gained = Rs. 3,05,000


Time period, n = 2year


Profit/gain = A - P


= 3,05,000 – 2,15,000


= Rs. 90,000


% gain =


=


= 41.86%


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