An amount of money at compound interest grows | vedclass

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

Question

$A=P\left(1+\frac{r}{100}\right)^{t}$

$3840=P\left(1+\frac{r}{100}\right)^{4}$

$3936=P\left(1+\frac{r}{100}\right)^{5}$

On dividing Eq. (ii)

Vedclass · Accepted Answer

$2.5$

Vedclass · Answer

$A=P\left(1+\frac{r}{100}ight)^{t}$

$3840=P\left(1+\frac{r}{100}ight)^{4}$

$3936=P\left(1+\frac{r}{100}ight)^{5}$

On dividing Eq. (ii) by Eq. (i), we get

$\frac{3936}{3840}=1+\frac{ r }{100} \Rightarrow \frac{3936}{3840}-1=\frac{ r }{100}$

$\Rightarrow \frac{3936-3840}{3840}=\frac{ r }{100}$

$\Rightarrow \frac{96}{3840}=\frac{r}{100} \Rightarrow r=\frac{96 	imes 100}{3840}$

$	herefore \quad r =2.5 \%$ per annum

An amount of money at compound interest grows up to $Rs. 3840$ in $4$ $years$ and up to $Rs. 3936$ in $5$ $years$. Find the rate of interest (In $\%$) ?

Similar Questions

A bank offers $5 \%$ compound interest calculated on half-yearly basis. A customer deposits ₹ $1600$ each on $1^{st}$ January and $1^{st}$ July of a year. At the end of the year, the amount (In ₹) he would have gained by way of interest is

The difference between the compound interest and simple interest on a certain sum at $3 \%$ per annum for $3$ years is ₹ $27.27 .$ The sum is (In ₹)

A sum of money is paid back in two annual instalments of ₹ $17,640$ each, allowing $5 \%$ compound interest compounded annually. The sum borrowed was (In ₹)

If the compound interest on a certain sum for $2$ years is ₹ $60.60$ and the simple interest is ₹ $60$, then the rate of interest per annum (In $\%$) is

A man gets a simple interest of $Rs. 1000$ on a certain principal at the rate of $5$ $p.c.p.a.$ in $4$ years. What compound interest (In $Rs.$) will the man get on twice the principal in two years at the same rate?