Question
An investment of Rs. 9,600 at an annual interest rate of
'R' percent for three years yields a simple interest of Rs. 5,760. Calculate the compound interest accrued on a separate investment of Rs. 5,000 for one year at the same interest rate, with the interest being compounded semi-annually.Solution
Simple interest = Principal X (rate/100) X time 5,760 = 9,600 X (R/100) X 3 'R' = (5,760/288) = 20 Effective rate of interest = (20/2) = 10% Effective time = 2 X 1 = 2 terms So, CI = 5000 x (1 + 10/100)2 - 5000 So, CI = 5000 x (121/100) - 5000 So, CI = 6050 - 5000 So, CI = Rs 1050
More Simple and compound interest Questions
- A windmill rotates 60 times in 1.5 hours. Find the number of rotations made by the windmill in 36 minutes.
A shopkeeper can make a profit of 30% by selling an article for Rs. 390. If he wants to make a profit of 50% even after allowing a discount of 25%, then...
- The present ages of Priya and Tina are in the ratio 2:5, respectively. Eight years hence, the ratio of their ages will become 5:11. Find the present age of...
- In a group, if 3 people with an average weight of 70 kg leave, the average weight of the remaining group drops by 2 kg. However, if 4 people of average wei...
- A car moves from city ‘A’ to city ‘B’ at 50 km/h and returns back from city ‘B’ to city ‘A’ at 75 km/h. Find the car’s average speed duri...
- The product of two decimals is 0.675. If one of the decimals is 2.5, then find the other decimal.
- ‘Amit’ is 1.5 times as efficient as ‘Bhuvan’, who is 1/3 as efficient as ‘Chirag’. If Amit and Chirag together complete a work in 18 days, how ...
- Two successive discounts of 25% and 10% is equivalent to a single discount of how much percentage?
- Find the difference between the compound interest earned on Rs. 12,000 for 2 years at 10% p.a., compounded annually, and the simple interest earned on Rs. ...