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 %
APPEARS IN
RELATED QUESTIONS
What sum of money will amount to Rs 16,637.50 in 3 years at 10 % p.a. compound interest?
The interests on two successive years for a sum invested at compound interest compounded annually are Rs 840 and Rs 940.80. Calculate the rate of interest and the sum invested.
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.
The cost of a scooter depreciated by Rs 5100 during the second year and by Rs 4,335 during the third year. Calculate
the rate of depreciatlon
Rajan borrowed Rs 32,000 at 12% compound interest for 2 years. At the end of the first year he returned some amount and on paying Rs 17,920 at the end of the second year, he cleared the loan. Calculate the amount Rajan paid at the end of the first year.
Calculate the amount and the compound interest for the following:
Rs 12,500 for 3 years if the rates for the successive years are 8%, 9% and 10% respectively.
On what sum of money will the compound interest for `2 1/2` years at 12% per annum amount to Rs 8,241.60?
On what sum of money will the compound interest for 2 years at 10% p.a. compounded half-yearly amount to Rs 3,448.10?
A sum of money placed at compound interest compounded annually amounts to Rs 26,460 in 2 years and to Rs 29,172.15 in 4 years. Calculate the rate of interest and the sum.
The compound interest on a certain sum of money at 10% p.a. for 3 years is Rs 4,965. What will be the simple interest on the same sum for 3 years at 11% p.a.?
