Question
A bank offers interest at the rate of 10% per annum,
compounded half yearly. Find the interest received at the end of the year on a sum of Rs. 30000.Solution
ATQ,
Effective rate of interest = 10 × (6/12) = 5%
Effective time or number of terms = 2 half years
Or, amount received = 30000 × {1 + (5/100)}² = 30000 × (105/100) × (105/100) = Rs. 33075
Therefore, interest received = 33075 - 30000 = Rs. 3075
A certain sum of money amounts to Rs 1331 in 3 years at 10 percent compounded annually. Find the value of (CI-SI)?
- Sunita invested Rs. 10,000 in scheme ‘M’ offering simple interest of 11% p.a. After 2 years, she invested the entire interest earned in scheme ‘N’ ...
A sum is lent on compound interest for 2 years at 13% p.a. If the compound interest on the sum is Rs.3045.9, find the sum.
Simple interest earned on an amount of Rs.1600 at rate of R% per annum after 3 years is Rs.336. Find the simple interest earned on an amount of Rs.1500 ...
- Rahul borrowed Rs. 25,000 from City bank at a simple interest of 10% p.a. If he has to repay Rs. 28,750 after ‘p’ months to clear all his debts, find t...
The difference between the compound interest, compounded annually and simple interest on Rs. ‘P’ at the rate of 25% p.a. for 2 years, is Rs. 100. If...
- A person earns Rs. 240 as compound interest on a sum for 2 years at 3% per annum, compounded yearly. What would be the simple interest on the same amount a...
A sum of Rs. 40,000 is invested in SIP 'E' which offers 8% p.a. simple interest for 6 years. The interest received from SIP 'E' is invested in SIP 'F' w...
- Aman invested Rs. x at a simple interest rate of 15% per annum. If after 6 years, the total interest earned was Rs. ‘2x – 1800’, then find the value ...
Mr. Mathur invested Rs. 40,000 with Bank A for 2 years and Rs. 10,000 with Bank B for 4 years at simple interest and earned Rs. 6,000 as interest. Find ...
