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.
Varshink said:
9 years ago
Can anyone tell why are we using amount formulae for CI?
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.
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?
Lithin said:
9 years ago
Go by this formula 2r+r^2÷100.
That is 2(5) + 25÷100.
Then you will get 10.25,
Now you go for cross multiplication.
For 100 --8000
110.25--?
Your answer will be=8820
Thank you friends.
That is 2(5) + 25÷100.
Then you will get 10.25,
Now you go for cross multiplication.
For 100 --8000
110.25--?
Your answer will be=8820
Thank you friends.
Ankit said:
9 years ago
I can solve this question by P(1+r/100)n.
Use this formula, you will get the solution.
Use this formula, you will get the solution.
Ashok kumar said:
8 years ago
The compound interest means interest made for the interest after one-year maturity.
The actual amount is 8000.
For this 5% interest is 400 per year,
For this 400 if u are taking 5% interest it will be 20,
The actual interest of 8000 for 2 years is 800,
And the compound interest for one year will be 20,
So the total will be 8820.
The actual amount is 8000.
For this 5% interest is 400 per year,
For this 400 if u are taking 5% interest it will be 20,
The actual interest of 8000 for 2 years is 800,
And the compound interest for one year will be 20,
So the total will be 8820.
Yaminee said:
8 years ago
If I go with another method I am getting answer as 8820.
Interest for 1st year = 8000 * (5/100) = 400,
8000 + 400 = 8400.
Now interest for 2nd year = 8400 * (5/100) = 420,
420 + 8400 = 8820.
Interest for 1st year = 8000 * (5/100) = 400,
8000 + 400 = 8400.
Now interest for 2nd year = 8400 * (5/100) = 420,
420 + 8400 = 8820.
Thinesh said:
8 years ago
Why are we not using CI = [ PX(1+R/100)^n]-P formula?
Lavakusha said:
8 years ago
Hi, guys.
This can be done simple. Let's try.
On 1st yr -> he gets only simple interest i.e
5% of 8000=(5/100)*8000=400.
On 2nd yr -> simple interest + (5% of 400 ) i.e,
400+((5/100)*400)=420.
At the end of 2 yrs, he gets a CI of Rs. 820 (adding amount of both yrs 400+420).
This can be done simple. Let's try.
On 1st yr -> he gets only simple interest i.e
5% of 8000=(5/100)*8000=400.
On 2nd yr -> simple interest + (5% of 400 ) i.e,
400+((5/100)*400)=420.
At the end of 2 yrs, he gets a CI of Rs. 820 (adding amount of both yrs 400+420).
(1)
Divya said:
8 years ago
p=8000 ----- 400
400 --- 20
8000*(5/100)=400
8000*(5/100)=400
400*(5/100)=20
820
820+8000=8820.
400 --- 20
8000*(5/100)=400
8000*(5/100)=400
400*(5/100)=20
820
820+8000=8820.
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