Advertisements
Advertisements
Question
Ramesh saves Rs 4,000 every year and invests it at 10% p.a. compound interest. Calculate his savings at the end of the third year.
Advertisements
Solution
P =Rs. 4,000; R = 10°/o p.a.; T = 3 years
Interest for the 1st year
`=("Rs" 4000 xx 10 xx 1)/100`
= Rs 400
Principal for the second year
= Amount at the end of one year + his new savings
= Rs. 4,000 + Rs. 400 +Rs. 4,000 =Rs. 8,400
Interest for the seoond year
`= ("Rs" 8400 xx 10 xx 1)/100`
= Rs 840
Compound interest for seoond year =Rs. 840
PrincipaI for the third year
= Amount at the end of tvvo years + his new savings
= Rs. 8400 + Rs. 840 + Rs. 4000 =Rs. 13,240
Interest for the third year
`= ("Rs" 13240 xx 10 xx 1)/100`
= Rs 1,324
Sum due at the end of third year = his savings at the end of third year
= Rs. 13,240 + Rs. 1,324 = Rs 14,564
RELATED QUESTIONS
Alisha invested Rs 75000 for 4 years at 8 % p.a. compound interest,
Calculate the interest for the fourth year.
Ameesha loaned Rs. 24,000 to a friend for `2 1/2` at 10 % p.a. compound interest.
Calculate the interest earned by Ameesha.
Neha loaned Rs 27500 to a friend for 1 3/4 years at 8 % p.a. compound interest. Find the interest earned by her.
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?
A man's savings increases by Rs 50 every year. If he saves Rs 500 in the first year and puts it at 10% compound interest, find his savings at the end of the third year.
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 25,000 for 3 years at 8 % p.a.
A sum of money is lent at 8% per annum compound interest. If the interest for the second year exceeds that for the first year by Rs. 96, find the sum of money.
A man borrows Rs. 6,000 at 5% C.I. per annum. If he repays Rs. 1,200 at the end of each year, find the amount of the loan outstanding at the beginning of the third year.
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.
6000 workers were employed to construct a river bridge in four years. At the end of first year, 20% workers were retrenched; At the end of second year 5% of the workers at that time were retrenched. However, to complete the project in time, the number of workers was increased by 15% at the end of third year. How many workers were working during the fourth year?
