On what sum will the compound interest at 5% per annum for 2 compounded annually be rupees 3280?

For a certain sum at 12.5% rate of interest compounded annually for 3 years the interest for the third year is 1944. Find the SI on the same amount at 15% for 5 years.

  1. 9416
  2. 9316
  3. 9116
  4. 9216

Answer (Detailed Solution Below)

Option 4 : 9216

On what sum will the compound interest at 5% per annum for 2 compounded annually be rupees 3280?
Shortcut Trick \(12.5\% = \frac{1}{8}\)

Let P be (8)3 = 512

On what sum will the compound interest at 5% per annum for 2 compounded annually be rupees 3280?

CI of 3rd year = 64 + 8 + 8 + 1 = 81

81 = 1944

\(⇒ 512 = \frac{{512 \times 1944}}{{81}}\)

⇒ P = 12288

\(SI = \frac{{PRT}}{{100}}\)

\(⇒ \frac{{12288 \times 15 \times 5}}{{100}}\)

⇒ 9216

∴ The required simple interest is Rs. 9216.

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On what sum will the compound interest at 5% per annum for 2 compounded annually be rupees 3280?

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Updated On: 27-06-2022

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Text Solution

Solution : interset =`P(1+r/100)^T-P`, where P is the principal amount and r is the rate of interest and t is the time period.<br> `164=P(1+5/100)^2`-P<br> On solving we get=>P=Rs.1600.

Answer

Step by step solution by experts to help you in doubt clearance & scoring excellent marks in exams.

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On what sum will the compound interest at 5% per annum for 2 compounded annually be rupees 3280?

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On what sum will the compound interest 5% for 2 years compounded annually the 3280?

Solution. Let the sum be Rs x. Thus, the required sum is Rs 1, 600.

What sum will the compound interest at 5% per annum for 2 years compounded annually be rupees 1640?

100×4×16441=Rs. 1600.

On what sum will the compound interest at 5% per annum for 2 years compounded annually be Rs 3280 a RS 32000 B Rs 16000 C RS 48000 D RS 64000?

Thus, required sum is Rs. 1600.

What sum interested at the rate of 5% per annum for 2 years will earn as the compound interest?

<br> `164=P(1+5/100)^2`-P<br> On solving we get=>P=Rs. 1600. Step by step solution by experts to help you in doubt clearance & scoring excellent marks in exams.