Advertisements
Advertisements
Question
Nikita invests Rs. 6000 for two years at a certain rate of interest compounded annually. At the end of the first year, it amounts to Rs. 6720. Calculate:
1) the rate of interest.
2) the amount at the end of the second year.
Solution
1) P = Rs. 6000, Amount at the end of the first year = Rs. 6720
S.I. for first year = Rs. (6720 – 6000) = Rs. 720
Let r% be the rate of interest p.a.
`720 = (6000 xx r xx 1)/100`
`r = 720/60 = 12%`
2) S.I. for second = `(6720 xx 12 xx 1)/100 = Rs 806.40`
Amount at the end of second year = Rs. (6720 + 806.40) = Rs. 7526.40
APPEARS IN
RELATED QUESTIONS
Calculate the amount and the compound interest for the following:
Rs.13,500 at 10°10 p.a. in 2 years
The value of a scooter depreciates by 12% of its value at the beginning of the year. Find the original value of the scooter if it depreciated by Rs 2,640 in the second year.
The value of a refrigerator depreciates by 8% of its value at the beginning of the year. Find the original value of the refrigerator if it depreciated by Rs 2,392 in the second year.
Rakesh invests Rs.25600 at 5% per annum compound interest payable annually for 3 years. Find the amount standing to his credit at the end of the second year.
A man invests Rs 24000 for two years at compound interest, If his money amounts to Rs 27600 after one year, find the amount at the end of second year.
How much will Rs 14000 amounts to 2 years at compound interest, if the rates for the successive years be 5% and 8% respectively?
Find the difference between the compound interest and simple interest on Rs 20,000 at 12% per annum for 3 years, the compound interest being payable annually.
The value of a mobile depreciated by 5% per year during the first two years and 10% per year during the third year. Express the total depreciation of the value of the mobile in percent during the three years.
Priyanka lends Rs.15,500 at 10% for the first year, at 15% for the second year and at 20% for the third year. If the rates of interest are compounded yearly, find the difference between the compound interest of the second year and the third year.
How much will Rs 25000 amount to in 2 years at compound interest, if the rates for 1st and 2nd years be 4% and 5% p.a. respectively?
