Advertisements
Advertisements
Question
The compound interest, calculated yearly, on a certain sum of money for the second year is Rs. 1320 and for the third year is Rs. 1452. Calculate the rate of interest and the original sum of money.
Advertisements
Solution
Given:
Compound Interest for second year = ₹ 1320
Compound Interest for third year = ₹ 1452
r = ?, P = ?
For third year: P = ₹ 1320,
I = 1452 – 1320 = ₹ 132
T = 1 year
∴ I = `("P" xx "R" xx "T")/(100)`
132 = `(1320 xx "R" xx 1)/(100)`
R = `(132 xx 100)/(1320)`
R = 10% p.a.
Now, let the principal for first year be x.
Then I = `("P" xx "R" xx "T")/(100)`
= `(10x)/(100)`
= `x/(100)`
Amount for first year = x + `x/(100) = (11x)/(100)`
For second year:
P = `(11 x)/(10)`, R = 10% p.a., T = 1 year
I = `((11x)/(10) xx 10 xx 1)/(100)`
I = `(11x)/(100)`
From question,
`(11x)/(100)` = 1320
⇒ `x = (1320 xx 100)/(11)`
= 12000
Thus the original sum of money is ₹ 12,000.
APPEARS IN
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.
Calculate the amount and the compound interest for the following:
Rs.25, 000 at `8 2/5 %` p.a. in `1 1/3` years
A sum of Rs. 65000 is invested for 3 years at 8 % p.a. compound interest.
Find the sum due at the end of the second year.
A sum of Rs. 65000 is invested for 3 years at 8 % p.a. compound interest.
Find the compound interest earned in the last year.
Aryan borrowed a sum or Rs. 36,000 for `1 1/2` years at 10 % p.a. compound interest.
Find the amount he needs to return to clear the debt.
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 at the end of three 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.
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.
Calculate the arnount and the cornpound interest for the following:
Rs 12,500 for 3 years at 12% for the first year, 15% for the second year and 17% for the third year.
Mohan invested a certain sum at compound interest, compounded annually. If the interests for two successive years were Rs 600 and Rs 648, calculate the rate of interest and the sum invested.
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. 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.
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.
A man saves Rs. 3,000 every year and invests it at the end of the year at 10% compound interest. Calculate the total amount of his savings at the end of 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.
The total number of industries in a particular portion of the country is approximately 1,600. If the government has decided to increase the number of industries in the area by 20% every year; find the approximate number of industries after 2 years.
