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Compound Interest
1. Calculate Compound Interest and amount on Rs 4500 at 10 % per annum in 3 years.
2. Calculate Compound Interest and amount on Rs 625 for 2 years at 9 %, compounded half-yearly.
3. Calculate Compound Interest on Rs 8000 for 9 months at 20 % per annum, compounded quartely .
4. What sum of money becomes Rs. 9261 in 3 years at 5 % per annum, compounded annually ?
5. What will Rs 25000 amounts to in 2 years at Compound Interest if the rates for successive years be 4 % and 5 % per year.
6. A sum of money amounts to Rs 6690 after 3 years and to Rs 10035 after 6 years on compound interest. Calculate the sum of ...
7. A man borrows Rs 2500 at 5 % simple interest for 2 years. He immediately lends this money at compound interest at the same ...
8. The difference between the compound interest and the simple interest on a certain sum at 10 % per annum for 2 years is Rs. ...
9. If the compound interest on a certain sum for 3 years at 10 % per annum be Rs. 331 , what would be the simple interest ?
10. A sum of money 2 times itself at compound interest in 15 years. In how many years, it will become 8 times of itself ?
Problem 10 of 10
10. A sum of money
times itself at compound interest in
years. In how many years, it will become
times of itself ?
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Compound Interest
10. A sum of money 2 times itself at compound interest in 15 years. In how many years, it will become 8 times of itself ?
Here Let `P = X, N_1 = 15` then `A = 2 X`
`A = P (1 + R/100)^(N_1)`
`=> 2 X = X (1 + R/100) ^ 15`
`=> (1 + R/100) ^ 15 = 2 -> (1)`
After `N_2` years it will become `8` times of the original sum
`A = P (1 + R/100)^(N_2)`
`=> 8 X = X (1 + R/100)^(N_2)`
`=> (1 + R/100)^(N_2) = 8 -> (2)`
Now, solving `(1)` and `(2)`, we get
`N_2 = 45` years
Hence, the sum of money `8` times itself after `45` years.
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