Advertisements
Advertisements
Question
Find the time, in years, in which Rs. 4,000 will produce Rs. 630.50 as compound interest at 5% compounded annually.
Solution
Given : P= Rs. 4,000; C.I.= Rs. 630.50 and r = 5%
∴ C.I. = `P[(1 + r/100)^n - 1]`
⇒ 630.50 = `4,000[( 1 + 5/100)^n - 1]`
⇒ `[630.50]/[4,000] = [(21/20)^n - 1]`
⇒ `[1,261]/[8,000] = [(21/20)^n - 1]`
⇒ `[1,261]/[8,000] + 1 = [(21/20)^n - 1]`
⇒ `[9,261]/[8,000] = (21/20)^n`
⇒ `(21/20)^3 = (21/20)^n`
On comparing,
n = 3 years
APPEARS IN
RELATED QUESTIONS
Find the amount and the compound interest on Rs. 12,000 in 3 years at 5% compounded annually.
Calculate the compound interest accrued on Rs. 6,000 in 3 years, compounded yearly, if the rates for the successive years are 5%, 8% and 10% respectively.
What sum of money will amount to Rs. 5,445 in 2 years at 10% per annum compound interest?
On what sum of money will the compound interest for 2 years at 5% per annum amount to Rs. 768.75?
Find the sum on which the compound interest for 3 years at 10% per annum amounts to Rs. 1,655.
On a certain sum, the compound interest in 2 years amounts to Rs. 4,240. If the rate of interest for the successive years is 10% and 15% respectively, find the sum.
At what per cent per annum will Rs. 6,000 amount to Rs. 6,615 in 2 years when interest is compounded annually?
At what rate percent compound interest, does a sum of money become 1.44 times of itself in 2 years?
At what rate percent will a sum of Rs. 4,000 yield Rs.1,324 as compound interest in 3 years?
A sum of Rs 44,200 is divided between John and Smith, 12 years and 14 years old respectively, in such a way that if their portions be invested at 10% per annum compound interest, they will receive equal amounts on reaching 16 years of age.
(i) What is the share of each out of Rs44,200 ?
(ii) What will each receive, when 16years old ?
