What sum of money (in ₹) at compound interest | vedclass

Name: Exam Paper Generator | JEE NEET Paper Generator | Vedclass
Brand: Vedclass
Rating: 5 (35 reviews)

Question

(C) Let the principal be $P$ and the rate of interest be $R \%$.According to the formula for compound interest,the amount $A$ after $n$ years is given

Vedclass · Accepted Answer

$625$

Vedclass · Answer

(C) Let the principal be $P$ and the rate of interest be $R \%$.According to the formula for compound interest,the amount $A$ after $n$ years is given by $A = P(1 + R/100)^n$.For the first year $(n=1)$: $650 = P(1 + R/100) \quad ... (1)$For the second year $(n=2)$: $676 = P(1 + R/100)^2 \quad ... (2)$Dividing equation $(2)$ by equation $(1)$:$\frac{676}{650} = \frac{P(1 + R/100)^2}{P(1 + R/100)}$$1.04 = 1 + R/100$$R/100 = 0.04 \Rightarrow R = 4 \%$Substituting $R=4$ in equation $(1)$:$650 = P(1 + 4/100)$$650 = P(104/100)$$P = \frac{650 	imes 100}{104} = \frac{65000}{104} = ₹ 625$.

What sum of money (in ₹) at compound interest will amount to ₹ $650$ at the end of the first year and ₹ $676$ at the end of the second year?

Similar Questions

The difference between simple and compound interest compounded annually on a certain sum of money for $2$ years at $4 \%$ per annum is $Rs. 1$. The sum (in $Rs.$) is

The simple interest accrued on an amount of $Rs. 20000$ at the end of $3$ years is $Rs. 7200$. What would be the compound interest accrued on the same amount at the same rate in the same period?

The difference between simple and compound interest on a sum of $10000$ is $64$ for $2$ years. Find the rate of interest. (in $\%$)

There is a $60 \%$ increase in an amount in $6$ years at simple interest. What will be the compound interest (in ₹) of ₹ $12000$ after $3$ years at the same rate?

What is the difference between the compound interests (in ₹) on ₹ $5000$ for $1 \frac{1}{2}$ years at $4 \%$ per annum compounded yearly and half-yearly?

Vedclass Test Series

Exam Paper Generator

Online Exam Module