Compound Interest ICSE Class-9th Concise Selina Maths Solutions

(Without using formula)

Compound Interest ICSE Class-9th Concise Selina Mathematics Solutions (Without using formula) Chapter-2. We provide step by step Solutions of Exercise / lesson-2 Compound Interest (Without using formula) for ICSE Class-9 Concise Selina Mathematics by RK Bansal. Our Solutions contain all type Questions with Exe-2 A, Exe-2 B, Exe-2 C and Exe-2 D to develop skill and confidence. Visit official Website CISCE for detail information about ICSE Board Class-9.

Compound Interest ICSE Class-9th Concise Selina Mathematics Solutions Chapter-2 (Without using formula)


–: Select Topics :–

Concept Part-1

Concept Part-2

Exe-2 A,

Exe-2 B,

Exe-2 C,

Exe-2 D,

 


Exercise – 2(A) Compound Interest (Without using formula) for  ICSE Class-9th Concise Mathematics Selina Solutions

Question 1

Rs.16,000 is invested at 5% compound interest compounded per annum. Use the table, given below, to find the amount in 4 years.

Year ↓  Initial amount
(Rs.)
Interest
 (Rs.)
Final amount
(Rs.)
1st 16,000 800 16,800
2nd
3rd
4th
5th

Answer

Year ↓  Initial amount
(Rs.)
Interest
 (Rs.)
Final amount
(Rs.)
1st 16,000 800 16,800
2nd 16,800 840 17,640
3rd 17,640 882 18,522
4th 18,522 926.10 19,448.10
5th 19,448.10 972.405 20,420.505

 

Thus, the amount in 4 years is Rs. 19448.10.

Question 2.1

Calculate the amount and the compound interest on :
Rs. 6,000 in 3 years at 5% per year.

Answer

For 1st year,
P = Rs. 6,000; R = 5%, and T = 1 year
∴ Interest = Rs. 110 = Rs. 300.
And, amount = Rs. ( 6,000 + 300 ) = Rs. 6,300
For 2nd year,
P = Rs. 6,300; R = 5%, and T = 1 year
∴ Interest = Rs.  = Rs. 315
And, amount = Rs. ( 6,300 + 315 ) = Rs. 6,615
For 3rd year,
P = Rs. 6,615; R = 5% and T = 1 year
∴ Interest = Rs.  = Rs. 330.75
And, Amount = Rs. ( 6,615 + 330.75 ) = Rs. 6,945.75
∴ C.I. accrued = Final amount – Intitial Principal
= Rs. ( 6,945.75 – 6,000 )
= Rs. 945.75

Question 2.2

Calculate the amount and the compound interest on :
Rs. 8,000 in  years at 15% per year.

Answer

For 1st year,
P = Rs. 8,000; R = 15%, and T = 1 year

∴ Interest = Rs.  = Rs. 1200.

And, amount = Rs. ( 8,000 + 1200 ) = Rs. 9,200
For 2nd year,
P = Rs. 9,200; R = 15%, and T = 1 year

∴ Interest = Rs. = Rs. 1,380.

And, amount = Rs. ( 9,200 + 1,380 ) = Rs. 10,580
For the last  12 year,
P = Rs. 10,580 ; R = 15% and T = 12 year

∴ Interest = Rs.  = Rs. 793.50

And, Amount = Rs. ( 10,580 + 793.50 ) = Rs. 11373.50

∴ C.I. accrued = Final amount – Intitial Principal
= Rs. ( 11,373.50 – 8,000 )
= Rs. 3373.50

Question 3.1

Calculate the amount and the compound interest on :
₹ 4,600 in 2 years when the rates of interest of successive years are 10%and 12% respectively.

Answer

For 1st year
P = Rs. 4600
R = 10%
T = 1 year.

I =  = Rs. 460

A = 4600 + 460 = Rs. 5060

For 2nd year
P = Rs. 5060
R = 12%
T = 1 year.

I = =607.20

A= 5060 + 607.20 = Rs. 5667.20

Compound interest = 5667.20 – 4600 = Rs. 1067.20

Amount after 2 years = Rs. 5667.20

Question 3.

Calculate the amount and the compound interest on :
Rs. 16,000 in 3 years, when the rates of the interest for successive years are 10%, 14% and 15% respectively.

Answer

For 1st year
P = Rs. 16000
R = 10%
T = 1 year

I =  = Rs. 1600

A = 16000 + 1600 = 17600

For 2nd year,
P = Rs. 17600
R = 14%
T = 1 year

I =  = Rs. 2464.

A = 1760 + 24654 = Rs. 20064

For 3rd year,
P = Rs. 20064
R = 15%
T = 1 year

I =  = 3009.60

Amount after 3 years = 20064 + 3009.60 = Rs. 23073.60

Compound interest = 23073.60 – 16000 = Rs. 7073.60

Question 4

Find the compound interest, correct to the nearest rupee, on Rs. 2,400 for 2.5 years at 5 per cent per annum.

Answer

For 1st years
P = Rs. 2400
R = 5%
T = 1 year

I =  = 120

A = 2400 + 120 = Rs. 2520

For 2nd year
P = Rs. 2520
R = 5%
T = 1 year

I = = Rs. 126.

A = 2520 + 126 = Rs. 2646

For final 1/2 year,
P = Rs. 2646
R = 5%
T = 12 year

I =  = Rs. 66.15

Amount after 1/2 years = 2646 + 66.15 = Rs. 2712.15

Compound interest = 2712.15 – 2400 = Rs. 312.15

Question 5

Calculate the compound interest for the second year on Rs. 8,000/- invested for 3 years at 10% per annum.

Answer

For 1st year
P = Rs. 8000
R = 10%
T = 1 year

I =  = 800

A = 8000 + 800 = Rs. 8800
For 2nd year
P = Rs. 8800
R = 10%
T = 1 year

I = 
Compound interest for 2nd years = Rs. 880

Question 6

A borrowed Rs. 2,500 from B at 12% per annum compound interest. After 2 years, A gave Rs. 2,936 and a watch to B to clear the account. Find the cost of the watch.

Answer

For 1st year,
P = Rs. 2500
R = 12%
T = 1 year

I = = Rs. 300

Amount = 2500 + 300 = Rs. 2800

For 2nd year,
P = Rs. 2800
R = 12%
T = 1 year

I =  = Rs. 336

Amount = 2800 + 336 = Rs. 3136

Amount repaid by A to B = Rs. 2936

The amount of watch =Rs. 3136 – Rs. 2936 = Rs. 200

Question 7

How much will Rs. 50,000 amount to in 3 years, compounded yearly, if the rates for the successive years are 6%, 8% and 10% respectively?

Answer

Interest for the first year = 


= Rs. 3,000
Amount for the first year = Rs. 50,000 + Rs. 3,000 = Rs. 53,000

Interest for the second year = P×R×T100


= Rs. 4,240

Amount for the second year = Rs. 53,000 + Rs. 4,240 = Rs. 57,240

Interest for the third year = 

= Rs. 5,724

Amount for the third year = Rs. 57,240 + Rs. 5,724 = Rs. 62,964
Hence, the amount will be Rs. 62,964.

Question 8

Meenal lends Rs. 75,000 at C.I. for 3 years. If the rate of interest for the first two years is 15% per year and for the third year it is 16%, calculate the sum Meenal will get at the end of the third year.

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