Advertisements
Advertisements
Question
Find the sum invested at 8% p.a. compound interest on which the interest for the third year exceeds that of the first year by Rs 166.40.
Advertisements
Solution
Let the sum be P
Interest for first year :
`"P" (1 + 8/100) - "P"` ...............(i)
Interest for third year :
`"P" (1 + 8/100)^3 - "P"(1 + 8/100)^2` ..............(ii)
Subtracting (ii) from (i)
`"P" (1 + 8/100)^3 - "P"(1 + 8/100)^2 - "P" (1 + 8/100) + "P"` = Rs 166.40
Rs 166.40 = 1.259712 P- 1.1664 P-1.08 P + P
Rs 166.40 = 0. 013312P
P = Rs 12,500
Hence the sum is Rs 12,500
RELATED QUESTIONS
On what sum of money will the difference between the compound interest and simple interest for 2 years be equal to Rs. 25 if the rate of interest charged for both is 5% p.a.?
A sum of Rs. 65000 is invested for 3 years at 8 % p.a. compound interest.
Find the compound interest earned in the first two years.
Prakash borrowed Rs 10,000 from Rajesh for 2 years at 6% and 8% p.a. compound interest for successive years. If Prakash returns Rs 5,600 at the end of the first year, how much does he have to give to Rajesh at the end of the second year to clear the loan?
Calculate the amount and the compound interest on :
₹ 4,600 in 2 years when the rates of interest of successive years are 10%and 12% respectively.
Find the compound interest, correct to the nearest rupee, on Rs. 2,400 for `2 1/2` years at 5 per cent per annum.
Calculate the compound interest for the second year on ₹ 8,000/- invested for 3 years at 10% per annum.
Meenal lends Rs. 75,000 at C.I. for 3 years. If the rate of interest for the first two years is 15% per year and for the third year it is 16%, calculate the sum Meenal will get at the end of the third year.
Find the compound interest on Rs. 4,000 accrued in three years, when the rate of interest is 8% for the first year and 10% per year for the second and the third years.
Calculate the difference between the simple interest and the compound interest on Rs. 4,000 in 2 years at 8% per annum compounded yearly.
On a certain sum of money, the difference between the compound interest for a year, payable half-yearly, and the simple interest for a year is Rs. 180/- Find the sum lent out, if the rate of interest in both the cases is 10% per annum.
