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Compound Interest Exercise 1

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  1. Question 1 of 18
    1. Question

    Mahesh invests an amount of Rs 8,[email protected] 4% p.a. for 2 years. What approximate amount of compound interest will he obtain at the end of 2 years?

    Hint

    Compound Interest

    interest-31627.png

    interest-31621.png

    interest-31615.png

    interest-31609.png

    = 8560 × 0.0816 = Rs 698.496 ≈ Rs 698

  2. Question 2 of 18
    2. Question

    What would be the compound interest obtained on an amount of Rs 3,000 at the rate of 8% p.a. after 2 years?

    Hint

    Required Compound Interest

    = interest-31602.png

    = 3000interest-31596.png

    = 3000interest-31590.png

    = 3000interest-31584.png

    = interest-31578.png

    = Rs 499.20

  3. Question 3 of 18
    3. Question

    Pamela invested an amount of Rs 35,000 for two year at the rate of 5% p.a. What amount of compound interest would she receive at the end of two year?

    Hint

    Compound interest

    =interest-31572.png– 35000

    = 38587.50 – 35000 = Rs 3587.50

  4. Question 4 of 18
    4. Question

    Shyam invests an amount of Rs 5,690 at the rate of 5 per cent per annum for 3 years. What approximate amount of compound interest will he obtain at the end of 3 years?

    Hint

    Amount = Principal interest-31565.png

    = 5690interest-31558.png

    = 5690 × interest-31552.png

    = Rs 6586.90

    ∴ Compound interest = Rs(6586.9 – 5690)

    = Rs 896.9 ≈ 897

  5. Question 5 of 18
    5. Question

    What amount of compound interest can be obtained on an amount of Rs 4,500 at the rate of 4% p.a at the end of 2 years?

    Hint

    Compound Interest

    = Principalinterest-31546.png

    interest-31540.png

    interest-31534.png

    interest-31528.png

    = 4500 × interest-31522.png= Rs 367.20

  6. Question 6 of 18
    6. Question

    What would be the compound interest accrued on an amount of Rs 8,400 @ 12.5% p.a. at the end of 3 years? (rounded off to two digits after decimal)

    Hint

    Compound interest

    interest-31443.png

    = 11960.1562 – 8400

    = Rs 3560.1562

  7. Question 7 of 18
    7. Question

    What would be the compound interest accrued on an amount of Rs 8000 at the rate of 15% p.a. in three year?

    Hint

    Compound interest

    = 8000(1 + ¹⁵⁄₁₀₀)³ – 8000

    = interest-31767.png

    = 12167 – 8000 = Rs 4167

  8. Question 8 of 18
    8. Question

    What will be the compound interest on an amount of Rs 5,000 for a period of 2 year at 8% p.a?

    Hint

    interest-31761.png

    interest-31754.png

    interest-31747.png

    interest-31741.png

    ∴ CI = Rs (5832 – 5000) = Rs 832

  9. Question 9 of 18
    9. Question

    What will Rs 1000 be worth after three years if it earns interest at the rate of 5% compounded annually?

    Hint

    interest-32252.png;

    Required amount interest-32246.png

    = interest-32240.png

    = Rs 1000 × 1.157

    = Rs 1157

  10. Question 10 of 18
    10. Question

    Zovo got a loan of Rs 8,000 against his fixed deposits to purchase a scooter. If the rate of interest is 10% p.a. compounded half yearly, find the amount that he pays after one and half year.

    Hint

    Here, n = 2 for interest is reckoned half-yearly.

    interest-32234.png

    interest-32228.png

  11. Question 11 of 18
    11. Question

    A sum of money doubles itself in 6 years at a certain rate of compound interest. In how many years will be 16 times at the same rate of interest?

    Hint

    P becomes 2P in 6 years at r% p.a.

    interest-32195.png

    interest-32189.png

    interest-32183.png

    ∴ P becomes 16 P in 24 years

  12. Question 12 of 18
    12. Question

    A sum of money doubles itself at compound interest in 15 years In how many years will it become eight times?

    Hint

    interest-32177.png … (i)

    Let interest-32171.png

    interest-32165.png [using (i)]

    interest-32158.png

    Thus, the required time = 45 years

  13. Question 13 of 18
    13. Question

    If a sum of money at compound interest amounts to thrice itself in 3 years, then in how many years will it be 9 times itself?

    Hint

    Let sum be Rs P

    interest-32152.png … (i)

    Now, let interest-32146.png

    interest-32140.png

    interest-32134.png [By (i)]

    interest-32127.png

    ⇒ n = 6

  14. Question 14 of 18
    14. Question

    A sum of money is borrowed and paid back in two annual installments of Rs 882 each allowing 5% compound interest. The sum borrowed was:

    Hint

    Principal = (Present worth of Rs 882 due 1 year hence) + (Present worth of Rs 882 due to 2 years hence)

    interest-32121.png

    interest-32115.png

  15. Question 15 of 18
    15. Question

    Jack set up a factory by investing Rs 40,000. During the first three successive years, his profits were 5%, 10% and 15 % respectively. If each year the profit was on previous years’s capital, find his total profit.

    Hint

    Since, each year the profit is on the previous year’s capital,

    ∴ it is similar to Compound profit.

    ∴ compound profit

    interest-32042.png

    interest-32036.png

    = 40,000 [1.328 –1]= Rs 13, 130

  16. Question 16 of 18
    16. Question

    The least number of complete years in which a sum of money put out at 20% compound interest will be more than doubled is:

    Hint

    interest-31981.png

    Now, interest-31974.png

    So, n = 4 years

  17. Question 17 of 18
    17. Question

    What annual payment will discharge a debt of Rs 1025 due in 2 years at the rate of 5% compound interest?

    Hint

    Let each installment be Rs x. Then,

    (Present worth of Rs x due 1 year hence) + (Present worth of Rs x due 2 years hence) = Rs 1025

    interest-33032.png

    interest-33026.png

    interest-33020.png

    So, value of each installment = Rs 551.25.

  18. Question 18 of 18
    18. Question

    The simple interest on a sum of money for 3 years is Rs 240 and the compound interest on the sum at same rate for 2 years in Rs 170. The rate % p.a. is

    Hint

    S. I. for I year

    interest-33014.png

    C. I. for 2 years = Rs 170 = C. I. for 1st year + C. I. for 2nd year

    Now, C. I. for 2nd year = 170 – 80 = Rs 90

    ∴ Interest on Rs 80 for 1 year = 90 – 80 = Rs 10

    ∴ Rate of interest

    interest-33008.png

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