Q 1. Find the Compound Interest when Principal is Rs. 7000, Rate is 6% P.a. and Period is 2 Years.
Answer:
Step1. Given P = Rs.7000
r = 6% p.a.
n = 2years
Step2. Substitute the corresponding values in the formula
Step3. Simplify and find the value of A.
A =7865.20.
Step4.
Compound Interest = Amount (A) – Principal (P)
= Rs.7,865.20 – Rs.7,000
$\therefore$ Compound Int. = Rs. 865.20.
Q 2. Jack Borrowed a Sum of Rs. 700, from a Financial Company at C.i. R 16.5% P.a. for 2years. Find the Amount he has to Pay at the End of 2 Years.
Answer:
Step 1. Given P = Rs.700
r = 16.5% p.a.
n = 2years
A =950.05.
$\therefore$ Jack has to pay 950.05 at the end of 2 years.
Q 3. Sara Deposited Rs.2000 at C.i. 10% P.a. for 3 Years. Find the Compound Interest he Gets after 3 Years.
Answer:
Given P = Rs.2000
r = 10% p.a.
n = 3 years
A = 2662.
Compound Interest = Amount (A) – Principal (P)
= Rs.2662 – Rs.2000
$\therefore$ Compound Int. = Rs.662
$\therefore$ Compound Interest Sara gets after 3 years = Rs. 662.
Q 4. Kate Invested Rs.1000 in a Financial Company and Received Rs.1331 after 3 Years. Find the Interest Percent per Annum.
Answer: Given P = Rs.1000
n = 3 years
A = Rs.1331
r = ?
Since the powers are same we can compare their powers.
$\therefore$ r = 10
$\therefore$ Rate of interest = 10% p.a.
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