If the interest on a sum of ₹y at 4% per annum compounded annually for 2 years is ₹765, then the total amount payable at the end of the two-year period will be _________.
₹10,140
For compound interest over 2 years at rate \(R\%\), the total interest factor is \(\left(1+\frac{R}{100}\right)^2 - 1\) of the principal.
With \(R = 4\): \(\left(1.04\right)^2 - 1 = 1.0816 - 1 = 0.0816\).
So \(0.0816 \times y = 765\), giving \(y = \frac{765}{0.0816} = 9375\).
Total amount payable \(= \text{principal} + \text{interest} = 9375 + 765 = 10140\).
Hence, the amount payable at the end of two years is ₹10,140.
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Important Questions from Compound Interest
The certain sum amounts to Rs. 9,982.50 in \(2\frac{1}{2}\) years at 12% p.a., interest compounded 10-monthly. The sum (in Rs.) is:
The difference between the simple interest and the compound interest compounded annually on a certain sum of money for 2 years at a rate of 8% per annum is Rs. 16.80. Find the principle amount.
If a sum of ₹ 2000 is lent at 10% p.a. compound interest, what is the interest for the second year?
A sum becomes 5 times of itself in 3 years. at compound interest (interest is compounded annually). In how many years. will the sum becomes 125 times of itself?
If the compound interest on a certain sum of money for two years at 9% p.a. is Rs. 3,762, then the sum is:
