Advertisements
Advertisements
Question
At what rate percent will a sum of Rs 1000 amount to Rs 1102.50 in 2 years at compound interest?
Advertisements
Solution
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
\[1102 . 50 = 1000 \left( 1 + \frac{R}{100} \right)^2 \]
\[\frac{1102 . 50}{1000} = \left( 1 + 0 . 01R \right)^2 \]
\[ \left( 1 + 0 . 01R \right)^2 = 1 . 1025\]
\[ \left( 1 + 0 . 01R \right)^2 = \left( 1 . 05 \right)^2 \]
On comparing both the sides, we get:
1 + 0.01R = 1.05
0.01R = 0.05
R = 5
Thus, the required rate percent is 5.
RELATED QUESTIONS
Compute the amount and the compound interest in the following by using the formulae when:
Principal = Rs 3000, Rate = 18%, Time = 2 years
In how much time will a sum of Rs 1600 amount to Rs 1852.20 at 5% per annum compound interest?
In a factory the production of scooters rose to 46305 from 40000 in 3 years. Find the annual rate of growth of the production of scooters.
The population of a town increases at the rate of 40 per thousand annually. If the present population be 175760, what was the population three years ago.
Mohan purchased a house for Rs 30000 and its value is depreciating at the rate of 25% per year. Find the value of the house after 3 years.
The value of a refrigerator which was purchased 2 years ago, depreciates at 12% per annum. If its present value is Rs 9680, for how much was it purchased?
Ashish started the business with an initial investment of Rs 500000. In the first year he incurred a loss of 4%. However during the second year he earned a profit of 5% which in third year rose to 10%. Calculate the net profit for the entire period of 3 years.
In a forest there are 40,000 trees. Find the expected number of trees after 3 years if the objective is to increase the number at the rate 5% per year.
A loan of ₹ 15000 was taken on compound interest. If the rate of compound interest is 12 p.c.p.a. find the amount to settle the loan after 3 years.
A principal amounts to ₹ 13,924 in 2 years by compound interest at 18 p.c.p.a. Find the principal.
