RS Aggarwal - Mathematics — Book
Chapter 11. Compound Interest
Subject Maths - Class 8th
Q. No. 21 of Exercise 11BListen NCERT Audio Books to boost your productivity and retention power by 2X.
21
In how many years will Rs. 6250 amount to Rs. 7290 at 8% per annum, compounded annually?
Let time = n years
P = Rs.6250
A = Rs.7290
R = 8% per annum
Now,
Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest
P = Present value
R = Annual interest rate
n = Time in years]
∴ A = P (1 + R/100)n
⇒ 7290 = 6250 (1 + 8/100)n
⇒ (1 + 2/25)n = 7290/6250
⇒ (27/25)n = 729/625
⇒ (27/25)n = (27/25)2
⇒ n = 2
∴ Time = 2 years.
The compound interest obtained on Rs. 6,250 for two years at the rate of interest 8% per annum, compounded annually, will be:
This question was previously asked in
SSC MTS 2020 (Held On : 13 Oct 2021 Shift 3 ) Official Paper 21
View all SSC MTS Papers >
- Rs. 1,040
- Rs. 1,500
- Rs. 1,450
- Rs. 1,020
Answer (Detailed Solution Below)
Option 1 : Rs. 1,040
Free
CUET/DU General Knowledge Mock Test
10 Questions 50 Marks 7 Mins
Given
Principal = Rs. 6,250
Time = 2 years
Rate = 8% per annum
Formula used
A = P(1 + r%)t
where p and r are principal and rate respectively
Compound interest = Amount - Principal
Calculation
A = 6250 (1 + 8%)2
⇒A = 6250 × (108/100) × (108/100)
⇒A = 6250 × (27/25) × (27/25)
⇒A = 10 × 27 × 27
⇒A = 7290
Compound interest = 7290 - 6250
⇒1040
∴ Compound interest is Rs.1040
Last updated on Sep 27, 2022
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Updated On: 27-06-2022
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