Advertisements
Advertisements
Question
What sum of money will amount to Rs 13,675.20 in 3 years at compound interest, if the rates of interest are 10%, 11% and 12% for the successive years?
Solution
For the third year
Here P = x ; A= Rs 13,675.20 ; t = 1 year; r = 12 % p.a.
`therefore "A" = "P" (1 + "r"/100)^"n"`
`=> "Rs" 13675.20 = "x" (1 + 12/100)^1`
`=> "Rs" 13675.20 = "x" (112/100)`
`=> x = "Rs" (13675.20 xx 100)/112`
⇒ x = Rs 12, 210
The sum of money will be Rs 12,210 at the end of the second year or beginnino;; of the third year.
For the second year
Here P = x ; A= Rs 12,210 ; t = 1 year ; r = 11 % p.a.
`therefore "A" = "P" (1 + "r"/100)^"n"`
`=> "Rs" 12210 = "x" (1 + 11/100)^1`
`=> "Rs" 12210 = "x" (111/100)`
`=> x = "Rs" (12210 xx 100)/111`
⇒ x = Rs 11, 000
The sum of money will be Rs 11,000 at the end of the first year or beginning of the second year.
For the first year
Here P = x; A= Rs 11,000; t = 1 year; r = 10 % p.a.
`therefore "A" = "P" (1 + "r"/100)^"n"`
`=> "Rs" 11000 = "x" (1 + 10/100)^1`
`=> "Rs" 11000 = "x" (11/100)`
`=> x = "Rs" (11000 xx 10)/11`
⇒ x = Rs 10, 000
The sum of money will be Rs 10,000 at the beginning of the first year.
APPEARS IN
RELATED QUESTIONS
What sum of money will amount to Rs 7,128 in 2 years at compound interest, if the rates of interest are 8% and 10% for successive years?
Ramesh borrowed Rs 12,000 at 15% compound interest for 2 years. At the end of the first year he returned some amount and on paying Rs 9,200 at the end of the second year, he cleared the loan. Calculate the amount of money Ramesh returned at the end of the first year.
Calculate the amount and the compound interest for the following:
Rs 10,000 for 3 years if tl1e rates of interest are 10%, 11% and 12% for the successive years.
What sum of money will amount to Rs 8,073 in 2 years at compound interest if the rates of interest for the successive years are 15% and 17%?
On what sum of money will the compound interest for `2 1/2` years at `12 1/2`% per annum amount to Rs 82,734.37?
On what sum of money will the compound interest for `1 1/2` years at 16% p.a. compounded half-yearly amount to Rs 649.28?
Calculate the rate per cent at which Rs 12,250 will yield Rs 3,116.40 as compound interest in 2 years.
A sum of money placed at compound interest compounded annually amounts to Rs 47,610 in 2 years and to Rs 54,751.50 in 3 years. Calculate the rate of interest and the sum.
The compound interest on a certain sum of money at 5% p.a. for 2 years is Rs 512.50. What will be the simple interest on the same sum for 3 years at 6% p.a.?
The compound interest on a certain sum of money at 10% p.a. for 3 years is Rs 4,965. What will be the simple interest on the same sum for 3 years at 11% p.a.?
