Compound Interest (Using Formula)
ICSE · Class 9 · Mathematics
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What is the amount on ₹5,000 at 8% per annum compound interest for 2 years?
Calculate the compound interest on ₹8,000 at 5% per annum for 3 years.
What principal will amount to ₹6,050 in 2 years at 10% per annum compound interest?
At what rate percent will ₹4,000 amount to ₹4,840 in 2 years compound interest?
Sample Questions
Which of the following are components of the compound interest formula A = P(1 + r/100)ⁿ?
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A represents Amount, P represents Principal, r represents rate per annum, n represents number of years
In the formula A = P(1 + r/100)ⁿ: A is Amount, P is Principal, r is rate per annum, and n is number of years (not months).
Which statements are true about compound interest?
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The amount is given by A = P(1 + r/100)^n when interest is compounded yearly., For half-yearly compounding, the rate is divided by 2 and the number of years is multiplied by 2., For quarterly compounding, the rate is divided by 4 and the number of years is multiplied by 4., When the rates for succes
Compound interest uses a formula for yearly compounding, and the chapter also gives special forms for half-yearly and quarterly compounding. It further states that when successive yearly rates are different, the amount is found by multiplying the factors for each year. All four statements match these rules.
In how many years will ₹1,600 amount to ₹1,944 at 10% compound interest?
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2 years
1944 = 1600(1.1)ⁿ → (1.1)ⁿ = 1.215 → (1.1)ⁿ = (1.1)² → n = 2 years
What is the difference between CI and SI on ₹2,000 for 2 years at 5% per annum?
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₹5
CI = 2000[(1.05)² - 1] = 2000[1.1025 - 1] = ₹205. SI = (2000 × 5 × 2)/100 = ₹200. Difference = 205 - 200 = ₹5
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