Advertisements
Advertisements
Question
A man's savings increases by Rs 50 every year. If he saves Rs 500 in the first year and puts it at 10% compound interest, find his savings at the end of the third year.
Advertisements
Solution
P =Rs. 500; R = 10°/o p.a.; T = 3 years
Interest for the 1st year
`= "Rs" (500 xx 10 xx 1)/100`
= Rs 50
Principal for the second year
= Amount at the end of one year + his new savin
= Rs. 500 + Rs. 50 +Rs. 550 =Rs. 1, 100
Interest for the seoond year
`= "Rs" (1100 xx 10 xx 1)/100`
= Rs 110
Compound interest for seoond year =Rs. 110
Principal for the third year
= Amount at the end of tvvo years + his new savings
=Rs. 1, 100 +Rs. 110 +Rs. 600 =Rs. 1,810
Interest for the third year
`= "Rs" (1810 xx 10 xx 1)/100`
= Rs 181
Sum due at the end of third year = his savings at the end of third year
= Rs 1,810 +Rs. 181 =Rs 1,991
APPEARS IN
RELATED QUESTIONS
Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.
Calculate the amount and the compound interest for the following:
Rs.25, 000 at `8 2/5 %` p.a. in `1 1/3` years
Alisha invested Rs 75000 for 4 years at 8 % p.a. compound interest ,
Find the amount at the end of the second year.
Aryan borrowed a sum or Rs. 36,000 for `1 1/2` years at 10 % p.a. compound interest.
Find the amount he needs to return to clear the debt.
Calculate The Amount and the Cornpound Interest for the Following:
Rs 15,000 for 2 years at 6°/o for the first year and 7°/o for tl1e second year.
Ramesh saves Rs 4,000 every year and invests it at 10% p.a. compound interest. Calculate his savings at the end of the third year.
Mohan invested a certain sum at compound interest, compounded annually. If the interests for two successive years were Rs 600 and Rs 648, calculate the rate of interest and the sum invested.
Calculate the amount and the compound interest on :
₹ 4,600 in 2 years when the rates of interest of successive years are 10%and 12% respectively.
Calculate the difference between the simple interest and the compound interest on Rs. 4,000 in 2 years at 8% per annum compounded yearly.
A man saves Rs. 3,000 every year and invests it at the end of the year at 10% compound interest. Calculate the total amount of his savings at the end of the third years.
