Advertisements
Advertisements
Question
Calculate the rate per cent at which Rs 12,250 will yield Rs 3,116.40 as compound interest in 2 years.
Advertisements
Solution
P = Rs 12,250; A= Rs (12,250+3,116.40) =Rs 15,366.40 ; t = 2 years; r=?
`"A" = "P" (1 + "r"/100)^"n"`
Rs 15,366.40 = Rs12250`(1 + "r"/100)^2`
`15366.40/12250 = (1 + "r"/100)^2`
`(196)^2/(175)^2 = (1 + "r"/100)^2`
`196/175 = 1+ "r"/100`
`"r"/100 = 196/175 - 1 = (196 - 175)/175 = 21/175`
r = `2100/175 = 12%`
Hence , r = 12%
RELATED QUESTIONS
Shekhar had a fixed deposit of Rs 24000 for 3 years . If he received interest at 10% p.a compounded annually, find the amount received by him at the time of maturity.
Pradeep gave Rs.16000 to a friend for 1.5 years at 15% p.a. compounded semi-annually. Find the interest earned by him at the end of 1.5 years.
Manoj borrowed Rs 25,000 from Sohan at 8.4 % p.a. compound interest. After 2 years Manoj cleared Rs 17,500 and a motorcycle. Find the cost of the motorcycle.
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?
A certain sum of money invested at compound interest compounded annually amounted to Rs 5,082 after 2 years and to Rs 5,590.20 after 3 years. Calculate the rate of interest and the sum invested.
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.
The simple interest on an amount for 2 years at 8% is Rs 320. Calculate the compound interest on the same amount at the same rate for 1 year if the interest is compounded half-yearly.
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 16,000 for 3 years at `7 1/2` % p.a.
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.
Calculate the rate percent at which Rs 15,000 will yield Rs 8,413.44 as compound interest in 3 years.
