# 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)

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### Exercise – 2(A) **Compound Interest **(Without using formula) for I**CSE 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.) |

1^{st} |
16,000 | 800 | 16,800 |

2^{nd} |
|||

3^{rd} |
|||

4^{th} |
|||

5^{th} |

**Answer**

Year ↓ |
Initial amount(Rs.) |
Interest (Rs.) |
Final amount(Rs.) |

1^{st} |
16,000 | 800 | 16,800 |

2^{nd} |
16,800 | 840 | 17,640 |

3^{rd} |
17,640 | 882 | 18,522 |

4^{th} |
18,522 | 926.10 | 19,448.10 |

5^{th} |
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 1^{st} 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 1^{st} 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 2^{nd} 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 1 ^{st} year**

P = Rs. 4600

R = 10%

T = 1 year.

I = = Rs. 460

A = 4600 + 460 = Rs. 5060

**For 2 ^{nd} 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 1 ^{st} year
**P = Rs. 16000

R = 10%

T = 1 year

I = = Rs. 1600

A = 16000 + 1600 = 17600

**For 2 ^{nd} year,
**P = Rs. 17600

R = 14%

T = 1 year

I = = Rs. 2464.

A = 1760 + 24654 = Rs. 20064

**For 3 ^{rd} 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 1 ^{st} years
**P = Rs. 2400

R = 5%

T = 1 year

I = = 120

A = 2400 + 120 = Rs. 2520

**For 2 ^{nd} 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 1 ^{st} year
**P = Rs. 8000

R = 10%

T = 1 year

I = = 800

A = 8000 + 800 = Rs. 8800

**For 2 ^{nd} year
**P = Rs. 8800

R = 10%

T = 1 year

I =

Compound interest for 2^{nd} 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 1 ^{st} year,
**P = Rs. 2500

R = 12%

T = 1 year

I = = Rs. 300

Amount = 2500 + 300 = Rs. 2800

**For 2 ^{nd} 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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