Aptitude - Compound Interest - Discussion
Discussion Forum : Compound Interest - General Questions (Q.No. 9)
9.
Albert invested an amount of Rs. 8000 in a fixed deposit scheme for 2 years at compound interest rate 5 p.c.p.a. How much amount will Albert get on maturity of the fixed deposit?
Answer: Option
Explanation:
| Amount |
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| = Rs. 8820. |
Discussion:
23 comments Page 2 of 3.
Madhavi said:
9 years ago
Another formula for compound CI=p(1+r/n)^nt.
Any body know what is n means in this formula?
Any body know what is n means in this formula?
Daryl said:
9 years ago
Formula:
CI = A - P.
A = P ( 1 + R/100 )^N.
N= no of years.
CI = A - P.
A = P ( 1 + R/100 )^N.
N= no of years.
Varshink said:
9 years ago
Can anyone tell why are we using amount formulae for CI?
Sweta said:
9 years ago
Can I solve this question by any short trick?
Shubakar ps said:
9 years ago
Given: r = 5, n = 2, p = 8000.
Amount = P[1+r/100]^n;
CI = Amount + principal;
Amount = P[1+r/100]^n;
CI = Amount + principal;
PRINCE said:
1 decade ago
I will use this formula: FV = PV(1+r)^t.
FV = the future value that Albert will received, PV= is the amount he is investing currently; r= rate and t = number of years the investment will last.
Now let go back to the question: PV= Rs.8000, r=5%=5/100=0.05, t=2years, FV is what we are to solve.
FV = PV(1+r)^t.
8000(1+0.05)^2.
8000(1.05)^2.
Find the square of 1.05 = 1.05*1.05 or 1.05^2 = 1.1025.
Therefore, FV = 8000*1.1025 = Rs.8820.
FV = the future value that Albert will received, PV= is the amount he is investing currently; r= rate and t = number of years the investment will last.
Now let go back to the question: PV= Rs.8000, r=5%=5/100=0.05, t=2years, FV is what we are to solve.
FV = PV(1+r)^t.
8000(1+0.05)^2.
8000(1.05)^2.
Find the square of 1.05 = 1.05*1.05 or 1.05^2 = 1.1025.
Therefore, FV = 8000*1.1025 = Rs.8820.
Nishant said:
1 decade ago
@Shivani.
C.I = P(1 +R/100)^n.
Use this formula you will get answer.
C.I = P(1 +R/100)^n.
Use this formula you will get answer.
Shivani said:
1 decade ago
What is interest? compound interest?
Swapna said:
1 decade ago
Hi @Suraj its formula for compound interest = p(1+r/100)^n where r is rate 5% and n is time which is already mentioned in question.
Suraj said:
1 decade ago
Why is (1+5/100)2 is used?
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