Advertisements
Advertisements
Question
Calculate the compound interest on Rs. 5,000 in 2 years; if the rates of interest for successive years be 10% and 12% respectively.
Advertisements
Solution
For 1st year
Principal (P) = Rs. 5,000, Rate (R) = 10%, Time (T) = 1 year
∴ Interest = `(5,000xx10xx1)/100` = 50 × 10 = Rs. 500
∴ Amount at the end of 1st year = Rs. (5000 + 500) = Rs. 5500
For 2nd year
P = Rs. 5500, Rate = 12%, T = 1 year
∴ Interest = `(5500xx12xx1)/100` = 55 × 12 = Rs. 660
∴ Amount at the end of 2nd year = Rs. 5500 + Rs. 660 = Rs. 6160
Hence compound interest = Rs. 6160 − Rs. 5000 = Rs. 1160
APPEARS IN
RELATED QUESTIONS
Calculate the amount and compound interest on Rs 18000 for `2 1/2` years at 10% per annum compounded annually.
Find the difference between the compound interest and simple interest. On a sum of Rs 50,000 at 10% per annum for 2 years.
The interest on a sum of Rs 2000 is being compounded annually at the rate of 4% per annum. Find the period for which the compound interest is Rs 163.20.
The difference in simple interest and compound interest on a certain sum of money at \[6\frac{2}{3} %\] per annum for 3 years is Rs 46. Determine the sum.
A certain sum of money is put at compound interest, compounded half-yearly. If the interest for two successive half-years are Rs. 650 and Rs. 760.50; find the rate of interest.
A man borrows Rs.10,000 at 10% compound interest compounded yearly. At the end of each year, he pays back 20% of the amount for that year. How much money is left unpaid just after the second year ?
Find the sum on which the difference between the simple interest and compound interest at the rate of 8% per annum compounded annually would be Rs. 64 in 2 years.
Rekha borrowed Rs. 40,000 for 3 years at 10% per annum compound interest. Calculate the interest paid by her for the second year.
Rohit borrowed ₹ 40,000 for 2 years at 10% per annum C.I. and Manish borrowed the same sum for the same time at 10.5% per annum simple interest. Which of these two gets less interest and by how much?
The annual rate of growth in population of a town is 10%. If its present population is 26620, then the population 3 years ago was _________
