Advertisements
Advertisements
Question
Manoj saves Rs 5,000 every year and invests it at 12% p.a. compound interest. Calculate his savings at the end of the third year.
Advertisements
Solution
P =Rs. 5,000 ; R = 12% p.a. ; T = 3 years
Interest for the 1st year
=`"Rs" (5000 xx 12 xx 1)/100`
= Rs 600
Principal for the second year
= Amount at the end of one year + his new savings
= Rs. 5,000 + Rs. 600 +Rs. 5,000 =Rs. 10,600
Interest for the seoond year
`="Rs" (10600 xx 12 xx 1)/100`
= Rs 1, 272
Compound interest for seoond year
=Rs. 1,272
Principal for the third year
= Amount at the end of two years + his new savings
=Rs. 10,600 +Rs. 1,272 +Rs. 5,000 =Rs. 16,872
Interest for the third year
`="Rs" (16872 xx 12 xx 1)/100`
= Rs 2, 024.64
Sum due at the end of third year = his savings at the end of third year
= Rs. 16,872 + Rs. 2,024.64 = Rs 18,896.64
RELATED QUESTIONS
Mr Kumar borrowed Rs. 15000 for two years. The rates of interest for two successive years are 8% and 10% respectively. If he repays Rs. 6200 at the end of the first year, find the outstanding amount at the end of the second year.
Natasha gave Rs.6O,OOO to Nimish for 3 years at 15%,p.a. compound interest.
Calculate to the nearest rupee :
The amount Natasha receives at the end of 3 years.
Neha loaned Rs 27500 to a friend for 1 3/4 years at 8 % p.a. compound interest. Find the interest earned by her.
Mohan borrowed Rs 25,000 at 10% p.a. compound interest. If he pays back Rs 7,500 every year, find the amount of loan outstanding at the beginning of the fourth year.
Archana borrowed Rs 18,000 from Ritu at 12% p.a. compound interest. If at the end of the 1st, 2nd, and 3rd years, Archana returned Rs 5,250, Rs 5,875 and Rs 6,875 respectively, find the amount Archana has to pay Ritu at the end of the 4th year to clear her debt.
Meera borrowed Rs 12,500 on compound interest from Rajeev for 2 years when the rates of interest for successive years were 8% and 10%. If Meera returned Rs 7,500 at the end of the first year, find the amount she has to return at the end of the second year.
Calculate the amount and the compound interest on:
Rs. 8,000 in `2 1/2` years at 15% per 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.
A man borrows Rs. 10,000 at 5% per annum compound interest. He repays 35% of the sum borrowed at the end of the first year and 42% of the sum borrowed at the end of the second year. How much must he pay at the end of the third year in order to clear the debt ?
The population of a town 2 years ago was 62,500. Due to migration to cities, it decreases at the rate of 4% per annum. Find its present population.
