After the continued devaluation at US dollar for 2 years at 10% yearly, the present exchange rate is 1 dollar= Rs. 107
I. What was the exchange rate 2 years ago?
ii. What will be the exchange rate 3 years hence with the same rate of depreciation?
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8th
Maths
Comparing Quantities
Compound Interest
Find compound interest on R...
MATHS
Find compound interest on Rs. 3000 for two year at 8% per annum compounded quarterly.
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ANSWER
We know the formula,
A=P(1+
n
r
)
n.t
Where,
A= total amount
P= principal or amount of money deposited,
r= annual interest rate
n= number of times compounded per year
t= time in years
Given:
P= Rs. 3000,r=8%,n=4 and t=2 years
A=3000(1+
4
0.08
)
4×2
A=3000×1.02
8
A=3000×1.171659
A= Rs. 3514.98
To find interest we use formula A=P+I, since A=3514.98 and P=3000, we have:
A=P+I
⇒3514.98=3000+I
⇒I=3514.98−3000=514.98
Interest, I= Rs. 514.98
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