Question

Jyoti invested a sum at 2% rate for 2 years. Sita invested same amount at same rate for 3 years. What is the ratio of amount (compound interest) received by Jyoti to that by Sita.

1. 50 : 51
2. 51 : 50
3. 2 : 3
4. 3 : 2
5. None of these

Answer 1

Correct Answer - Option 1 : 50 : 51

Given 

Jyoti Invested = 2 years 

Sita invested = 3 years

Formula :

Amount = P(1 + r/100)^t

Calculations :

Amount received by Jyoti  : Amount received by Sita = (1+ 2/100)² : (1+ 2/100)³

⇒(102/100)²  : (102/100)³

⇒ 100  : 102

⇒  50  : 51

∴ Amount received by Jyoti  : Amount received by Sita is 50  : 51.