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
Jaya borrowed Rs. 50,000 for 2 years. The rates of interest for two successive years are 12% and 15% respectively. She repays 33,000 at the end of the first year. Find the amount she must pay at the end of the second year to clear her debt.
At what rate % p.a. will a sum of Rs. 4000 yield Rs. 1324 as compound interest in 3 years?
Harijyot deposited Rs 27500 in a deposite scheme paying 12 % p.a. compound interest . If the duration of the deposite is 3 years , calculate :
The amount received by him had he chosen tlle duration of the deposit to be 2 years.
Prerna borrowed Rs.16000 from a friend at 15 % p.a. compound interest. Find the amount , to the nearest rupees, that she needs to return at the end of 2.4 years to clear the 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.
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.
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.
Calculate the amount and the compound interest on :
Rs. 6,000 in 3 years at 5% per year.
A man borrows Rs. 5,000 at 12 percent compound interest payable every six months. He repays Rs. 1,800 at the end of every six months. Calculate the third payment he has to make at the end of 18 months in order to clear the entire loan.
A manufacturer estimates that his machine depreciates by 15% of its value at the beginning of the year. Find the original value (cost) of the machine, if it depreciates by Rs. 5,355 during the second year.
