If the interest on a sum of ₹y at 10% per annum compounded annually for 2 years is ₹630, then the total amount payable at the end of the two-year period will be _________.
₹3,630
Let the sum be y. CI for 2 years at 10%: \(y\left[(1.1)^2-1\right] = y\times0.21 = 630 \Rightarrow y = 3000\).
Total amount after 2 years: \(y\times(1.1)^2 = 3000\times1.21 = 3630\).
Hence, the total amount payable at the end of the two-year period is ₹3,630.
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Important Questions from Compound Interest
At what rate percent per annum will Rs. 7200 amount to Rs. 7938 in one year, if interest is compounded half yearly?
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What is the difference (in Rs.) between the interests on Rs. 50,000 for one year at 8% per annum compounded half yearly and yearly?
A sum of money becomes Rs. 11,880 after 4 years and Rs. 17,820 after 6 years on compound interest, if the interest is compounded annually. What is the half of the sum (in Rs.)?
A sum invested at compound interest amounts to Rs. 7,800 in 3 years and Rs. 11,232 in 5 years. What is the rate per cent?
