Advertisements
Advertisements
Question
Calculate the compound interest on Rs. 15,000 in 3 years; if the rates of interest for successive years be 6%, 8%, and 10% respectively.
Advertisements
Solution
For 1st year
Principal (P) = Rs.15,000, Rate (R) = 6%, Time (T) = 1 year
∴ Interest =`(15,000xx6xx1)/100` = 150 × 6 = Rs.900
∴ Amount at the end of 1st year
= Rs.15,000 + Rs.900
= Rs.15900
For 2nd year
P = Rs.15900, R = 8%, T = 1 year
∴ Interest =`(15,900xx8xx1)/100` = 159 × 8 = Rs.1272
∴ Amount at the end 2nd year
= Rs. (15900 + 1272)
= Rs.17172
For 3rd year
P = Rs.17172, R = 10%, T = 1 year
∴ Interest =`(17172xx10xx1)/100` = Rs.1717.20
∴ Amount at the end of 3rd year
= Rs. (17172 + 1717.20)
= Rs.18889.20
∴ Compound interest = 18889.20 − 15,000
= Rs.3889.20
APPEARS IN
RELATED QUESTIONS
Calculate the amount and compound interest on Rs 8000 for 1 year at 9% per annum compound half yearly. (You could use the year by year calculation using SI formula to verify)
What will Rs 125000 amount to at the rate of 6%, if the interest is calculated after every 3 months?
Kamala borrowed from Ratan a certain sum at a certain rate for two years simple interest. She lent this sum at the same rate to Hari for two years compound interest. At the end of two years she received Rs 210 as compound interest, but paid Rs 200 only as simple interest. Find the sum and the rate of 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.
Mohit invests Rs. 8,000 for 3 years at a certain rate of interest, compounded annually. At the end of one year it amounts to Rs. 9,440. Calculate:
- the rate of interest per annum.
- the amount at the end of the second year.
- the interest accrued in the third year.
Rachna borrows Rs. 12,000 at 10 percent per annum interest compounded half-yearly. She repays Rs. 4,000 at the end of every six months. Calculate the third payment she has to make at end of 18 months in order to clear the entire loan.
The difference between C.I. payable annually and S.I. on Rs.50,000 for two years is Rs.125 at the same rate of interest per annum. Find the rate of interest.
If the present population of a city is P and it increases at the rate of r% p.a, then the population n years ago would be `"P"(1 + "r"/100)^"n"`
In how many years will ₹ 3375 become ₹ 4096 at `13 1/3` p.a if the interest is compounded half-yearly?
The compound interest on Rs 50,000 at 4% per annum for 2 years compounded annually is ______.
