Advertisements
Advertisements
Question
Calculate the compound interest on Rs. 15,000 in 3 years; if the rates of interest for successive years be 6%, 8%, and 10% respectively.
Solution
For 1st year
Principal (P) = Rs.15,000, Rate (R) = 6%, Time (T) = 1 year
∴ Interest =`(15,000xx6xx1)/100` = 150 × 6 = Rs.900
∴ Amount at the end of 1st year
= Rs.15,000 + Rs.900
= Rs.15900
For 2nd year
P = Rs.15900, R = 8%, T = 1 year
∴ Interest =`(15,900xx8xx1)/100` = 159 × 8 = Rs.1272
∴ Amount at the end 2nd year
= Rs. (15900 + 1272)
= Rs.17172
For 3rd year
P = Rs.17172, R = 10%, T = 1 year
∴ Interest =`(17172xx10xx1)/100` = Rs.1717.20
∴ Amount at the end of 3rd year
= Rs. (17172 + 1717.20)
= Rs.18889.20
∴ Compound interest = 18889.20 − 15,000
= Rs.3889.20
APPEARS IN
RELATED QUESTIONS
Calculate the amount and compound interest on Rs 10800 for 3 years at `12 1/2` % per annum compounded annually.
Ramesh invests Rs. 12,800 for three years at the rate of 10% per annum compound interest. Find:
(i) the sum due to Ramesh at the end of the first year.
(ii) the interest he earns for the second year.
(iii) the total amount due to him at the end of the third year.
Rs. 8,000 is lent out at 7% compound interest for 2 years. At the end of the first year Rs. 3,560 are returned. Calculate :
(i) the interest paid for the second year.
(ii) the total interest paid in two years.
(iii) the total amount of money paid in two years to clear the debt.
Find the sum, invested at 10% compounded annually, on which the interest for the third year exceeds the interest of the first year by Rs. 252.
A man borrows Rs.10,000 at 10% compound interest compounded yearly. At the end of each year, he pays back 30% of the sum borrowed. How much money is left unpaid just after the second year ?
Calculate the compound interest on Rs. 5,000 in 2 years; if the rates of interest for successive years be 10% and 12% respectively.
The compound interest payable annually on a certain sum for 2 years is Rs 40.80 and the simple interest is Rs 40. Find the sum and the rate percent.
If the present population of a city is P and it increases at the rate of r% p.a, then the population n years ago would be `"P"(1 + "r"/100)^"n"`
Find the compound interest on ₹ 3200 at 2.5% p.a for 2 years, compounded annually
Suppose a certain sum doubles in 2 years at r % rate of simple interest per annum or at R% rate of interest per annum compounded annually. We have ______.
