Advertisements
Advertisements
Question
A man deposits Rs 200 at the end of each year in a recurring account at 5% compound interest. How much will it become at the end of 3 years?
Advertisements
Solution
At end of 1st year, 2nd year, and 3rd year ₹ 200 were deposited.
Rate of interest R = 5% p.a.
At end of 3 years, amount
= `200 + 200[1 + 5/100] + 200[1 + 5/100]^2`
= `200[1 + 1.05 + (1.05)^2]`
= 200[2.05 + 1.1025]
= 200 [3.1525] = 630.5
At end of 3 years, the account will have a balance of ₹ 630.5.
APPEARS IN
RELATED QUESTIONS
The difference between Simple Interest and Compound Interest on Rs. 500 for 1 year at 10% per annum, reckoned half-yearly is
What will be the difference in simple and compound interest on Rs. 2, 000 after three years at the rate of 10 percent per annum?
A sum is divided between A and B in the ratio of 1: 2. A purchased a car from his part, which `14 2/7%` depreciates per annum and B deposited his amount in a bank, which pays him20% interest per annum compounded annually. By what percentage will the total sum of money increase after two years due to this investment pattern (approximately).
The value of a car depreciates every year at the rate of 10% on its value at the beginning of the year. If the present value of the car is ₹52,488, its worth four years ago was
What will be the ratio of simple interest earned by a certain amount at the same rate of interest for 6 yr and that for 9 yr?
Ravi borrowed some money at the rate of 4% per annum for the first three years, at the rate of 8% per annum for the next two years and at the rate of 9% per annum for the period beyond 5 yr. If he pays a total simple interest of ₹19550 at the end of 7 yr, how much money did he borrow?
The difference between compound interest and simple interest on an amount of ₹15000 for 2 years is ₹96. What is the rate of interest per annum?
What is the difference between the compound interest and simple interest accrued on an amount of ₹12000 at the end of 3 years at the rate of 12%?
At what rate of compound interest per annum will a sum of ₹1200 become ₹1348.32 in 2 years?
Albert invested an amount of ₹ 8000 in a fixed deposit scheme for 2 years at a compound interest rate of 5% per annum. How much amount will Albert get on the maturity of the fixed deposit?
What would be the simple interest at the rate of `9 1/2%` per annum on Rs. 6000 for `2 1/2` years?
The difference between simple interest and compound interest on a certain sum of money is Rs. 32 at 8% per annum for 2 years. Find the amount.
Reshma put an amount at simple interest at a certain rate for 3 years. Had she been put at a 2% higher rate, she would have received Rs 360 more. Find the sum.
A man invested `1/3` of his capital at 7%; `1/4` at 8% and the remainder at 10%. If his annual income is ₹ 561, the capital is
The difference between compound interest and simple interest on a sum for 2 years at 8 per cent is ₹ 768. The sum is
What will be the compound interest on a sum of ₹22,500 at the rate of 16% per annum for 1 year, when interest is compounded half yearly?
In how much time (in years) will ₹7200 amount to Rs. 8928 at simple interest at the rate of 8% per annum?
If the Interest paid by Sambha on ₹14000, is ₹1260 for a period of 3 years. then find the rate of simple interest charged.
If x, y, z are three sums of money such that y is the simple interest on x and z is the simple interest on y for the same time and at the same rate of interest, then we have-
