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
Formula such as dollars of interest earned divided by total dollars invested is used to calculate
A certain sum of money was deposited in the bank and it became two-fold in 10 years, what is the rate of simple interest?
If ₹80 amounts to ₹140 in 4 years, what will ₹96 amount to in 10 years at the same rate of interest per annum?
Reena took a loan of ₹1200 with simple interest for as many years as the rate of interest. If she paid ₹432 as interest at the end of the loan period, what was the rate of interest?
Mr. Thomas invested an amount of ₹13900 divided in two different Schemes A and B at the simple interest rate of 14% per annum and 11% per annum, respectively. If the total amount of simple interest earned in 2 yr be ₹3508, what was the amount invested in Scheme B?
A bank offers 5% compound interest calculated on a half-yearly basis. A customer deposits ₹1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is
The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 4% per annum is ₹1. The sum (in₹) is
Find the compound interest on Rs.10000 for 2 years at 8% per annum compounded half-yearly.
A person borrows 10000 for 2 years at 4% p a simple interest he immediately lends it to another person at 6.5 % p. a. for 2 years. Find his total gain in the transaction.
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.
At what rate percent of simple interest will a sum of money double itself in 12 years?
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
If ₹12,500 is invested at 12% p.a. on compound interest for one year and 4 months, compounded annually, then the amount received is:
A sum of money at simple interest trebles itself in 15 years. It will become 5 times of itself in
Anil Invested an amount for three years at a simple interest rate of 9 p.c.p.a. He got an amount of ₹19,050 at the end of the years. What principal amount did he invest?
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-
A sum becomes ₹2,916 in 2 years at 8% per annum compound interest. The simple interest at 9% per annum for 3 years on the same amount will be-
