Advertisements
Advertisements
Question
Calculate the amount and the compound interest on Rs. 10,000 in 3 years at 8% per annum.
Advertisements
Solution
Given:
- Principal (P) = Rs. 10,000,
- Rate (R) = 8% per annum,
- Time (T) = 3 years.
`A=P(1+R/100)^T`
`A=10000(1+8/100)^3`
= 10,000 (1.08)3
Step 1: Calculate (1.08)3
(1.08)3 = 1.08 × 1.08 × 1.08 = 1.259712.
Step 2: Calculate the amount (A)
A = 10,000 × 1.259712 = Rs. 12,597.12.
Step 3: Calculate the compound interest
CI = A − P = 12,597.12 − 10,000 = Rs. 2,597.12.
- Amount: Rs. 12,597.12,
- Compound Interest: Rs. 2,597.12.
APPEARS IN
RELATED QUESTIONS
Find the compound interest at the rate of 5% for three years on that principal which in three years at the rate of 5% per annum gives Rs 12000 as simple interest.
Find the compound interest at the rate of 5% per annum for 3 years on that principal which in 3 years at the rate of 5% per annum gives Rs 1200 as simple interest.
In how much time would Rs 5000 amount to Rs 6655 at 10% per annum compound interest?
The difference between the compound interest and simple interest on a certain sum for 2 years at 7.5% per annum is Rs 360. Find the sum.
A certain sum amounts to Rs. 5,292 in two years and Rs. 5,556.60 in three years, interest being compounded annually. Find : the rate of interest.
The compound interest, calculated yearly, on a certain sum of money for the second year is Rs. 1,089 and for the third year it is Rs. 1,197.90. Calculate the rate of interest and the sum of money.
Find the sum, invested at 10% compounded annually, on which the interest for the third year exceeds the interest of the first year by Rs. 252.
What sum will amount of Rs. 6,593.40 in 2 years at C.I. , if the rates are 10 per cent and 11 per cent for the two successive years ?
On a certain sum of money, lent out at C.I., interests for first, second and third years are Rs. 1,500; Rs. 1,725 and Rs. 2,070 respectively. Find the rate of interest for the (i) second year (ii) third year.
Calculate the amount and the compound interest on Rs. 12,000 in 2 years and at 10% per year.
