Dolly deposited Rs.20000 at 10% p.a simple interest for a period of n years. Lilly deposited Rs.18000 at the same rate at compound interest for the same period. After n years amount received by Dolly is Rs.2042 more than the amount received by Lilly. Find the value of n.

  • Option 1)

    6

  • Option 2)

    3

  • Option 3)

    2

  • Option 4)

    5

  • Option 5)

    4

Answers (1)

For dolly

 Total principal + ( PTR/100)

= 2000 +\frac{\left \{ 2000\times 10\times N \right \}}{100}

2000 + 2000N

For lily

Total = P \left ( 1 + \frac{R}{100} \right ) ^{T}

= 18000 (1.1) {n}

According to the given condition 2000 + 2000n = 2042 + 18000 (1.1)n

Only n = 3\: satis\! f\! y\: this \: equation

Exams
Articles
Questions