Advertisements
Advertisements
Question
Find the compound interest to the nearest rupee on Rs. 10,800 for `2 1/2` years at 10% per annum.
Advertisements
Solution
Given : P = Rs. 10,800 ; Time = `2 1/2` years and Rate = 10% p.a.
For 2 years
A = P`( 1 + r/100)^n` = 10,800( 1 + 10/100 )^2 = Rs. 13,068
For `1/2` year
∴ A = P`( 1 + r/[ 2 xx 100 ])^( n xx 2) = 13068( 1 + 10/[ 2 xx 100 ])^( 1/2 xx 2)`
= 13068 x `21/20` = Rs. 13721.40 = Rs. 13721 ( nearest rupee)
∴ Rs.13,721 - Rs.10,800 = Rs.2,921
APPEARS IN
RELATED QUESTIONS
Mr Lalit invested Rs. 5000 at a certain rate of interest, compounded annually for two years. At the end of the first year, it amounts to Rs. 5325. Calculate
1) The rate of interest
2) The amount at the end of the second year, to the nearest rupee.
Calculate the amount and the compound interest for the following:
Rs.13,500 at 10°10 p.a. in 2 years
Calculate the amount and the compound interest for the following:
Rs.17,500 at 12°10 p.a. in 3 years
Calculate the amount and the compound interest for the following:
Rs.30,000 at 8°/o p.a. in `2 1/2` years
Calculate the amount and the compound interest for the following:
Rs. 76, 000 at 10 °/o p.a. in `2 1/2` years
A certain sum of money invested at compound interest compounded annually amounted to Rs 26,450 in 2 years and to Rs 30,417.50 in 3 years. Calculate the rate of interest and the sum invested.
Simple interest on a sum of money for 2 years at 4% is Rs. 450. Find compound interest on the same sum and at the same rate for 1 year, if the interest is reckoned half yearly.
Nikita invests Rs.6,000 for two years at a certain rate of interest compounded annually. At the end of first year it amounts to Rs.6,720. Calculate:
(a) The rate of interest.
(b) The amount at the end of the second year.
Priyanka lends Rs.15,500 at 10% for the first year, at 15% for the second year and at 20% for the third year. If the rates of interest are compounded yearly, find the difference between the compound interest of the second year and the third year.
What principal will amount to Rs.15729 in two years, if the rate of interest for successive years are 5% and 7% respectively, the interest is being compounded annually.
