Advertisements
Advertisements
Question
Rakesh invests Rs.25600 at 5% per annum compound interest payable annually for 3 years. Find the amount standing to his credit at the end of the second year.
Advertisements
Solution
For 1st year : P = Rs.25600, R = 5% and T = 1 year
∴ Interest = Rs.`(25600 xx 5 xx 1)/(100)`
= Rs.1280
And, amount
= Rs.25600 + Rs.1280
= Rs.26880
For 2nd year : P = Rs.26880, R = 5% and T = 1 year
∴ Interest = Rs.`(26880 xx 5 xx 1)/(00)`
=Rs.1344
And, amount
= Rs.26880 + Rs.1344
=Rs.28224
∴ Amount at the end of 2nd year is Rs.28224.
APPEARS IN
RELATED QUESTIONS
Nikita invests Rs. 6000 for two years at a certain rate of interest compounded annually. At the end of the first year, it amounts to Rs. 6720. Calculate:
- the rate of interest.
- the amount at the end of the second year.
Calculate the amount and the compound interest for the following:
Rs.40, 000 at `5 1/4` % p.a. in `1 1/3` years
Calculate the amount and the compound interest for the following:
Rs.16, 000 at 15 °/o p.a. in `2 2/3` years
The value of a refrigerator depreciates by 8% of its value at the beginning of the year. Find the original value of the refrigerator if it depreciated by Rs 2,392 in the second year.
Find the compound interest to the nearest rupee on Rs. 10,800 for `2 1/2` years at 10% per annum.
The value of a machine, purchased two years ago, depreciates at the annual rate of 10%. If its present value is Rs.97,200, find:
- Its value after 2 years.
- Its value when it was purchased.
Anuj and Rajesh each lent the same sum of money for 2 years at 8% simple interest and compound interest respectively. Rajesh received Rs. 64 more than Anuj. Find the money lent by each and interest received.
A sum of money was invested for 3 years, interest being compounded annually. The rates for successive years were 10%, 15% and 18% respectively. If the compound interest for the second year amounted to Rs. 4,950, find the sum invested.
Find the difference between the compound interest and simple interest on Rs 20,000 at 12% per annum for 3 years, the compound interest being payable annually.
Find the amount and the compound interest on the following :
Rs.16000 for 3 years at 10%, 8% and 6% for successive years.
