At a certain rate of compound interest, Rs 250 deposited on July 1, 2018 has to accumulate to Rs 275 on January 1, 2019. Assuming the interest rate does not change and there are no subsequent deposits, find the account balance on January 1, 2021
Answers
Given :- At a certain rate of compound interest, Rs 250 deposited on July 1, 2018 has to accumulate to Rs 275 on January 1, 2019.
To Find :- Assuming the interest rate does not change and there are no subsequent deposits, find the account balance on January 1, 2021 ?
Solution :-
from given data we have,
→ P = Rs.250
→ A = Rs.275
→ T = from 1 july 2018 to 1 january 2019 = 6 months = (6/12) = (1/2) year
→ Rate = Let R% per annum .
so,
→ A = P[1 + (R/100)]^T
putting values we get,
→ 275 = 250[1 + (R/100)]^(1/2)
→ (275/250) = [1 + (R/100)]^(1/2)
→ (11/10) = [1 + (R/100)]^(1/2)
squaring both sides,
→ 121/100 = [1 + (R/100)]
→ [1 + (21/100)] = [1 + (R/100)]
comparing,
→ R = 21% per annum .
then, Amount balance on January 1, 2021 ( after two years) will be,
→ A = 275[1 + (21/100)]²
→ A = 275(121/100)²
→ A = 275 * (1.21)²
→ A ≈ Rs.402.63 (Ans.)
Learn more :-
CI in 2yr is Rs. 1600 and in 3 yrs it will be Rs. 1700. Find the rate of interest.
https://brainly.in/question/32463301
7. Abhishek invested some amount for 3 yrs at rate of 16(2/3)% per annum at Cl. The difference of CI obtained
only on 3r...
https://brainly.in/question/38286271
Given : At a certain rate of compound interest, Rs 250 deposited on July 1, 2018 has to accumulate to Rs 275 on January 1, 2019.
Assuming the interest rate does not change and there are no subsequent deposits,
To find : the account balance on January 1, 2021.
Solution:
One more assumption : Compound interest R % per annum
and compounding is done on 1st January
Balance as on July 1, 2018 = 2018
Rs 275 on January 1, 2019
Hence time period = 6 months = 1/2 years
for this 6 months SI will be applicable as its less than compounding period.
interest = 275 - 250 = Rs 25
SI = P * R * T /100
=> 25 = 250 * R * (1/2)/100
=> R = 20%
A = P (1 + R/100)ⁿ
on 1st Jan 2019 = 275 hence till 1 Jan 2021 = 2 Years
A = P( 1 + R/100)ⁿ
P = 275 , R = 20 % , n = 2 years
=> A = 275 ( 1 + 20/100)² = 396 Rs
the account balance on January 1, 2021. = Rs 396
Learn More :
if the difference between the ci and si for 2 years at 12 percentage ...
brainly.in/question/11868846
1. Find the difference between C.I and S.I on 5000 for 1 year at 2 ...
brainly.in/question/13187389