Advertisements
Advertisements
Question
The interests on two successive years for a sum invested at compound interest compounded annually are Rs 840 and Rs 940.80. Calculate the rate of interest and the sum invested.
Advertisements
Solution
For the seoond year:
A=Rs 940.80 ; P=Rs 840 ; n= 1 ; r = ?
`"A" = "P" (1 + "r"/100)^"n"`
940.80 = 840 `(1 + "r"/100)^1`
94080 = 84000 +840 r
840 r = 10080
r = 12
Hence, rate of interest = 12°/o
For the first year:
I= Rs 840 ; r = 12 % ; n = l ; P = ?
`"I" =("P" xx "r" xx "n")/100`
Rs 840 = Rs `("P" xx 12 xx 1)/100`
P = Rs`84000/12`
P = Rs 7000
The sum invested= Rs 7,000
RELATED QUESTIONS
Amita wanted to start a business for which she needed Rs, 40000. She borrowed this from Dolly at 10% p.a compounded semi-annually. Find the extra amount that she needs to pay at the end of two years to clear her debt.
Mr.Mohan invested Rs. 12500 at 16 % p.a. compounded annually. If the duration of the deposite was 1.5 years , find the amount Mr.Mohan received at the end of 1.5 years.
Rajeev borrowed Rs 15,000 from Sanjay at 12% p.a. compound interest. After 2 years Rajeev gave Rs 7,500 and a scooter to clear the account. Find the cost of the scooter.
What sum of money will amount to Rs 7,128 in 2 years at compound interest, if the rates of interest are 8% and 10% for successive years?
The cost of a scooter depreciated by Rs 5100 during the second year and by Rs 4,335 during the third year. Calculate
Ramesh borrowed Rs 12,000 at 15% compound interest for 2 years. At the end of the first year he returned some amount and on paying Rs 9,200 at the end of the second year, he cleared the loan. Calculate the amount of money Ramesh returned at the end of the first year.
On what sum of money will the compound interest for 2 years at 8% per annum amount to Rs 1399.68?
On what sum of money will the compound interest for `2 1/2` years at `12 1/2`% per annum amount to Rs 82,734.37?
In what time will Rs 50,000 yield an interest of Rs 32,151.60 at 18% per annum interest compounded annually?
The S.I. and C.I. on a sum of money for 2 years is Rs. 200 and 210 respectively. If the rate of interest is the same. Find the sum and rate.
