Advertisements
Advertisements
Question
Calculate the rate percent at which Rs 15,000 will yield Rs 8,413.44 as compound interest in 3 years.
Advertisements
Solution
P = Rs 15,000; A= Rs (15,000+8,413.44) =Rs 23,413.44; t = 3 years ; r = ?
`"A" = "P" (1 + "r"/100)^"n"`
Rs 23,413.44 = Rs 15,000 `(1 + "r"/100)^3`
`23413.44/15000 = (1 + "r"/100)^3`
`(29)^3/(25)^3 = (1 + "r"/100)^3`
`29/25 = 1+ "r"/100`
`"r"/100 = 29/25 -1 = (29 - 25)/25 = 4/25`
`"r" = 400/25 = 16%`
Hence , r = 16 %
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.
Mr.Mohan invested Rs. 12500 at 16 % p.a. compounded annually. If the duration of the deposite was 1.5 years , find the amount Mr.Mohan received at the end of 1.5 years.
The cost of a machine depreciated by Rs 2592 during the third year and by Rs 2332.80 during the fourth year. Calculate :
The original cost.
Calculate the amount and cornpound interest of the following, when cornpounded annually:
Rs 20,000 for 2 years at `12 1/2` % p.a.
Calculate the amount and the compound interest for the following, when cornpounded half-yearly:
Rs 25,000 for `1 1/2` years at 12 %
What sum of money will amount to Rs 8,073 in 2 years at compound interest if the rates of interest for the successive years are 15% and 17%?
Calculate the rate per cent at which Rs 12,250 will yield Rs 3,116.40 as compound interest in 2 years.
Calculate the rate per cent at which Rs 16,000 will yield Rs 3,876.75 as compound interest in 3 years.
The compound interest on a certain sum of money at 5% p.a. for 2 years is Rs 512.50. What will be the simple interest on the same sum for 3 years at 6% p.a.?
In how many years will Rs. 15,625 amount to Rs. 17,576 at 4% p.a., compound interest?
