Question 7 Compound Interest Exercise 2.2
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Answer:
It is given that
Principal (P) = ₹ 2500
Rate of interest (r) = 4% p.a. or 2% half-yearly
Period (n) = 2 years or 4 half-years
We know that
SI = Prt/100
Substituting the values
= (2500 × 4 × 2)/100
= ₹ 200
If compounded semi-annually
\begin{aligned} &\mathrm{A}=\mathrm{P}(1+\mathrm{r} / 100)^{\mathrm{n}}\\ &\text { Substituting the values }\\ &=2500(1+2 / 100)^{4} \end{aligned}
By further calculation
= 2500 × 51/50 × 51/50 × 51/50 × 51/50
= ₹ 2706.08
We know that
CI = A – P
Substituting the values
= 2706.08 – 2500
= ₹ 206.08
So the difference between CI and SI = 206.08 – 200 = ₹ 6.08
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Compound Interest Aptitude Concepts 1) What is the compound interest on Rs. 2500 for 2 years at rate of interest 4% per annum?
The Correct answer is (B) Explanation: Principal (P) = Rs. 2500 Rate of interest(r) = 4% Time (t) = 2 years Compound Interest = Amount - Principal 2) What is the amount for a sum of money Rs.7500 at 6% rate of interest C.I. for 2 years?
The Correct answer is (A) Explanation: Principal = Rs. 7500 r = 6% t = 2 years 3) On lending a certain sum of money on C.I. one gets Rs.9050 in 2 years and Rs.9500 in 3 years. What is the rate of interest?
The Correct answer is (A) Explanation: Amount after 3 years = Rs. 9500 Amount after 2 years = Rs. 9050 Interest of one year= 9500 - 9050 = 450 t = 1 year Solution 2: Quicker Method Apply formula; Rate of interest(r): Y= Rs. 9500 X = 9050 4) Ramesh borrowed Rs. 3600 at a certain rate of interest C.I. and the sum grows to Rs. 4624 in 2 years. What is the rate of interest?
The Correct answer is (B) Explanation: Principal = Rs. 3600 Amount = Rs. 4624 t = 2 years We have; 5) On a certain sum of money the compound interest Rs. 318 is earned in 2 years. If the rate of interest is 12%, what is the principal amount?
The Correct answer is (A) Explanation: We have; C.I. = Rs. 318 r = 12% t = 2 years Compound Interest Concept Next TopicCompound Interes Aptitude Test Paper 2 |
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