A man deposited Rs. 64,000 in a bank for one year at 10% per annum on compounded quarterly, then find the total compound interest after one year.
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Answer (Detailed Solution Below)Option 1 : Rs. 6,644 Free CT 1: International and National Awards 10 Questions 10 Marks 8 Mins Given: Principal = Rs. 64,000, Rate = 10% Time = 1, Condition = Quarterly Concept used: 1.) Condition = Quarterly Time = Time × 4, Rate = Rate/4 2.) a% = a/100 Principal = 100, Amount = 100 + a Calculations: New time = 1 × 4 = 4 years New Rate = 10/4 = (5/2) % (5/2)% = 1/40
Interest = 28,25,761 – 25,60,000 = 2,65,761 25,60,000 = 64,000 2,65,761 = ? Interest = (64,000/25,60,000) × 2,65,761 ≈ Rs. 6,644 ∴ The interest is Rs. 6,644 Alternate Method If P be the principal then the amount after t year at r% rate of compound interest and n yearly terms will be P × (1 + r/100n)tn Here P = 64000 t = 1 year r = 10% n = 12/3 = 4 [∵ Interest compounded quarterly i.e. in a time interval of 3 months] Amount = 64000 × {1 + 10/(100 × 4)}1 × 4 ⇒ 64000 × (41/40)4 ⇒ 70644.025 ≈ 70644 Compound interest = 70644 - 64000 = 6644 ∴ The required interest is Rs. 6,644. Last updated on Sep 22, 2022 The Indian Air Force (IAF) has released the AFCAT 2 Result 2022. The exam was held from 26th August 2022 to 28th August 2022. The candidates can download the result using Email Id and Password. The candidates who are qualified in the written test are eligible to attend the SSB Exam which consists of Picture Perception and Discussion test, Psychological test, etc. The AFCAT 2 application process was conducted from 1st June 2022 to 30th June 2022. Let's discuss the concepts related to Interest and Compound Interest. Explore more from Quantitative Aptitude here. Learn now! Given details are, Principal (p) = Rs 64000 Rate (r) = 10 % = 10/4 % (for quarterly) Time = 1year = 1× 4 = 4 (for quarter in a year) By using the formula, A = P (1 + R/100) n = 64000 (1 + 10/4×100)4 = 64000 (410/400)4 = Rs 70644.03 ∴ Compound Interest = A – P = Rs 70644.03 – Rs 64000 = Rs 6644.03
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RD Sharma Solutions Class 8 Mathematics Solutions for Compound Interest Exercise 14.1 in Chapter 14 - Compound InterestQuestion 11 Compound Interest Exercise 14.1 Find the compound interest on Rs. 64000 for 1 year at the rate of 10% perannum compounded quarterly. Answer: Given details are, Principal (p) = Rs 64000 Rate (r) = 10 % = 10/4 % (for quarterly) Time = 1year = 1× 4 = 4 (for quarter in a year) By using the formula, A = P (1 + R/100)^n = 64000 (1 + 10/4×100)^4 = 64000 (410/400)^4 = Rs 70644.03 ∴ Compound Interest = A – P = Rs 70644.03 – Rs 64000 = Rs 6644.03
Video transcript "hello students welcome to lido's question and answer classroom my name is shaista ferozi class and today we are going to find out the compound interest so let's see the question first what is the question says the question says find the compound interest on rupees 64 000 so what is 64 000 over here 64 000 is the principle for one year that is the period at the rate of 10 percent per annum compounded quarterly now as you can see here that we are going to find out for quarterly okay so let's quickly jot down whatever is information is given to us and i'm going to write down so my principle is given as rupees 64 000. correct then since it is for one year i am going to write time or i can write down n also so my time or n is one year now since you can see that it is said that it is for compounded quarterly quarterly means for four months so we are going to convert this year into one year into four months okay so i am going to convert this one year for quarter which is equals to one multiply by four which is equals to four this is for quarter okay so i got my 4. now let's find out for rate uh the rate is given which is equals to r which is equals to 10 percent okay so my ten percent now again here's this rate of interest is for per annum okay it is clearly specified in the question at 10 percent per annum which we need to find it for compounding quarterly okay so i'm going to convert it for quarterly so this 10 percent will become 10 upon 4 percent okay now let's start for to find out the compound interest now as you all know the compounded plus formula compound interest is equals to amount minus principle now we know that we have principle but we don't have amount so to find out the amount first then only we can get the compound interest so i'm going to find out the amount first so let's quickly write down the formula for amount also and then we can find out the compound interest so i'm going to start with amount formula so my amount is equals to p 1 plus r upon 100 raised to n okay so my principal is 64 000 so i'm writing 64 000 into 1 plus rate of interest which is 10 upon 4 and since the formula has hundred i'm writing hundred also raised to n which is four years okay so now i am going to solve this so i get sixty four thousand one plus 10 upon 400 raised to 4 now as you can see here we are going to take an lcm over here so let's quickly take an lcm of this whole bracket part so i will get after solving the lcm i am going to get 64 000 into 410 upon 400 raised to 4 now on solving this whole bracket with 64 000 multiplying i am going to get my amount as rupees 70 600 644.03 so this is my amount so kindly note that we have got the amount which was required to find out the form uh to find out compound interest so here you can see that we have got a compound in this formula which is amount minus principle now since we have got our amount i am just going to substitute the value of amount which is 70 644.03 and minus principle my principle is 64 000 so i'm going to subtract this and after subtracting i get my value as rupees 66 sorry six thousand six hundred and forty four point zero three okay so this is what i got my component is which is sixty six thousand six 6644.03 so here we have the completed our sum this is what the answer we have got for our compound interest all right that's our answer subscribe to leo for more updates and do comment hoping to see your comments soon hope you have all understood see you all next time bye bye take care " Was This helpful?
What is the compound interest on Rs 64000 for 1 ½ years at 5% pa compounded half yearly *?= ₹ 4921. Q. is the compound interest received when ₹64,000 is invested for 1.5 years at 5% per annum compounded half yearly.
What is the compound interest of 10%?The rate at which compound interest accumulates interest depends on the frequency - higher the number of compounding periods, higher will be the compound interest. For instance, if you earn a 10% annual interest, a deposit of Rs 100 would gain you Rs 10 after a year.
What is the compound interest on rupees 10000 at 10% for 3 years?=13310–10000=₹ 3310.
What is the formula of compound interest for 1 year?A = amount. P = principal. r = rate of interest. n = number of times interest is compounded per year.
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Interest Compounded for Different Years.. |
Find the compound interest on Rs 64000 for 1 year at the rate of 10% per annum compounded quarterly
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