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
Shekhar had a fixed deposit of Rs 24000 for 3 years . If he received interest at 10% p.a compounded annually, find the amount received by him at the time of maturity.
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.
What sum of money will amount to Rs 3,326.40 in 3 years at compound interest, if the rates of interest are 8%, 10% and 12% for the successive years?
A certain sum of money invested at compound interest compounded annually amounted to Rs 5,082 after 2 years and to Rs 5,590.20 after 3 years. Calculate the rate of interest and the sum invested.
Calculate the amount and cornpound interest for the following, when cornpounded annually:
Rs 16,000 for 3 years at `7 1/2` % p.a.
Calculate the rate per cent at which Rs 16,000 will yield Rs 3,876.75 as compound interest in 3 years.
In what time will Rs 8,000 amount to Rs 12,167 at 15% per annum compounded annually?
In what time will Rs 50,000 yield an interest of Rs 32,151.60 at 18% per annum interest compounded annually?
A sum of money placed at compound interest compounded annually amounts to Rs 47,610 in 2 years and to Rs 54,751.50 in 3 years. Calculate the rate of interest and the sum.
The compound interest on a certain sum of money at 5% p.a. for 2 years is Rs 512.50. What will be the simple interest on the same sum for 3 years at 6% p.a.?
