Calculate the amount and compound interest on
(a) Rs. 8000 fo
r 3 years at 10% per annum, compounded annually.
(b) Rs. 64000 for 3 years at 12% per annum, compounded annually.
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( Rs. 12000 for 13 years at 10% per annum, compounded half-yearly.
(d) Rs. 8000 for 3 years at 5% per annum, compounded annually.
Answers
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Answer:
a) 2648
b)15,507
c) A sum of Rs.12000 is invested for 1.5 years which will be compounded half yearly at a rate of 10%. Find the amount obtained.
ANSWER
To find compound interest when interest is compounded half-yearly we use formula
A=P(1+ 2r) 2n
Here, P=Rs.12000,r=10% and n=1.5 years
Hence,A=12000(1+0.05) 3
A=12000×1.157625
A=Rs.13891.5
d) Find the compound interest on Rs 8000 for 3 year at 5% per annum
ANSWER
Principal for the first year = Rs.8000, Rate = 5% per annum, T = 1 year
Interest for the first year =P×R×T/100
=Rs.[ 8000×5×1 ] /100 =Rs.400
∴ Amount at the end of the first year = Rs. (8000 + 400) = Rs. 8400
Now principal for the second year = Rs.8400
Interest for the second year = P×R×T/100
=Rs.[8400×5×1 ] /100 =Rs.420
∴ Amount at the end of the second year = Rs. (8400 + 420) =Rs.8820
Interest for the third year = P×R×T/100
=Rs. 8820×5×1/100
=Rs.441
∴ Amount at the end of the third year = Rs.(8820 + 441) = Rs. 9261
Now we know that total C.I. = Amount - Principal = Rs. (9261 - 8000) = Rs. 1261
we can also find the C.I. as follows
Total C.I. = Interest for the first year + Interest for the second year + Interest for third year = Rs. (400 + 420 + 441) = Rs.1261