Advertisements
Advertisements
Question
Find the compound interest on Rs. 4,000 accrued in three years, when the rate of interest is 8% for the first year and 10% per year for the second and the third years.
Solution
Interest for the first year = `["P" xx "R" xx "T"]/100`
= `[ 4,000 xx 8 xx 1 ]/100`
= Rs. 3,20
Amount for the first year = Rs. 4,000 + Rs. 3,20 = Rs. 4,320
Interest for the second year = `["P" xx "R" xx "T"]/100`
= `[ 4,320 xx 10 xx 1]/100`
= Rs. 432
Amount for the second year = Rs. 4,320 + Rs. 432 = Rs. 4,752
Interest for the third year = `["P" xx "R" xx "T"]/100`
= `[4,752 xx 10 xx 1]/100`
= Rs. 475.20
Amount for the third year = Rs. 4,752 + Rs. 475.20 = Rs. 5,227.20
So, the compound interest = Rs. 5,227.20 - Rs. 4,000 = Rs. 1,227.20
Hence, the amount will get at the end of the third year is Rs. 1,227.20.
APPEARS IN
RELATED QUESTIONS
On what sum of money will the difference between the compound interest and simple interest for 2 years be equal to Rs. 25 if the rate of interest charged for both is 5% p.a.?
A sum of Rs. 65000 is invested for 3 years at 8 % p.a. compound interest.
Find the sum due at the end of the first year.
A sum of Rs. 65000 is invested for 3 years at 8 % p.a. compound interest.
Find the sum due at the end of the second year.
Aryan borrowed a sum or Rs. 36,000 for `1 1/2` years at 10 % p.a. compound interesL
Find he tol interest paid by him.
Neha loaned Rs 27500 to a friend for 1 3/4 years at 8 % p.a. compound interest. Find the interest earned by her.
Pooja borrowed Rs 15,000 from Sonali at 11% p.a. compound interest. If she repays Rs 7,550 at the end of first year and Rs 6,101 at the end of second year, find the amount Pooja needs to give to Sonali at the end of third year to clear her debt.
Mohan invested a certain sum at compound interest, compounded annually. If the interests for two successive years were Rs 600 and Rs 648, calculate the rate of interest and the sum invested.
Rs.16,000 is invested at 5% compound interest compounded per annum. Use the table, given below, to find the amount in 4 years.
| Year ↓ |
Initial amount (Rs.) |
Interest (Rs.) |
Final amount (Rs.) |
| 1st | 16,000 | 800 | 16,800 |
| 2nd | ........... | ........... | ........... |
| 3rd | ........... | ........... | ........... |
| 4th | ........... | ........... | ........... |
| 5th | ........... | ........... | ........... |
Find the compound interest, correct to the nearest rupee, on Rs. 2,400 for `2 1/2` years at 5 per cent per annum.
A man lends Rs. 12,500 at 12% for the first year, at 15% for the second year and at 18% for the third year. If the rates of interest are compounded yearly ; find the difference between the C.I. fo the first year and the compound interest for the third year.
