Advertisements
Advertisements
Question
The simple interest on a certain sum of money for 3 years at 5% per annum is Rs.1,200. Find the amount and the compound interest due on this sum of money at the same rate and after 2 years. Interest is reckoned annually.
Solution
Let Rs.X be the sum of money.
Rate = 5 % p.a. Simple interest = Rs.1,200, n = 3 years.
`1,200 = [ "X" xx 5 xx 3 ]/100`
⇒ X = `[ 12,00,000 ]/15`
⇒ X = 8,000
The amount due and the compound interest on this sum of money at the same rate and after 2 years.
P = Rs. 8,000 ; rate = 5% p.a., n = 3 years
∴ A = P`( 1 + r/100 )^n`
⇒ A = 8,000`( 1 + 5/100 )^2`
⇒ A = 8,000( 1.1025 )
⇒ A = 8,820
C.I. = A - P
⇒ C.I. = 8,820 - 8,000
⇒ C.I. = 820.
The amount due after 2 years is Rs. 8,820 and the compound interest is Rs. 820.
APPEARS IN
RELATED QUESTIONS
Calculate the amount and the compound interest for the following:
Rs.17,500 at 12°10 p.a. in 3 years
Simple interest on a sum of money for 2 years at 4% is Rs. 450. Find compound interest on the same sum and at the same rate for 1 year, if the interest is reckoned half yearly.
The value of a machine, purchased two years ago, depreciates at the annual rate of 10%. If its present value is Rs.97,200, find:
- Its value after 2 years.
- Its value when it was purchased.
Anuj and Rajesh each lent the same sum of money for 2 years at 8% simple interest and compound interest respectively. Rajesh received Rs. 64 more than Anuj. Find the money lent by each and interest received.
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.
What sum will amount to Rs.10120 in 2 years at C.I. payable annually, if the rates are 10% and 15% for the successive years?
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.
Find the amount and the compound interest on the following :
Rs.16000 for 3 years at 10%, 8% and 6% for successive years.
Find compound interest on Rs 31250 for 3 years, if the rates of interest for 1st,2nd and 3rd years be 8%, 10% and 12% respectively.
