RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.1
These Solutions are part of RD Sharma Class 8 Solutions. Here we have given RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.1
Other Exercises
- RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.1
- RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.2
- RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.3
- RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.4
- RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.5
Question 1.
Find the compound interest when principal = Rs 3,000, rate = 5% per annum and time = 2 years.
Solution:
Principal (P) = Rs 3,000
Rate (R) = 5% p.a.
Period (T) = 2 years
Amount after one year = Rs 3,000 + Rs 150 = 3,150
and principal for the second year = Rs 3,150
and interest for the second year
Compound interest for two years = Rs 150 + Rs 157.50 = Rs 307.50
Question 2.
What will be the compound interest on Rs 4,000 in two years when rate of interest is 5% per annum ?
Solution:
Principal (P) = Rs 4,000
Rate (R) = 5% p.a.
Period (T) = 2 years
Amount after one year = Rs 4,000 + Rs 200 = Rs 4,200
Principal for the second year = Rs 4,200
Interest for the second year
Compound interest for 2 years = Rs 200 + Rs 210 = Rs 410
Question 3.
Rohit deposited Rs 8,000 with a finance company for 3 years at an interest of 15% per annum. What is the compound interest that Rohit gets after 3 years ?
Solution:
Principal (P) = Rs 8,000
Rate (R) = 15% p.a.
Period (T) = 3 years
Amount after first year = Rs 8,000 + RS 1,200 = Rs 9,200
or Principal for the second year = Rs 9,200
Interest for the second year
Amount after 2 years = Rs 9,200 + Rs 1,380 = Rs 10,580
or Principal for the third year = Rs 10,580
Interest for the third year
Compound for the 3 years = Rs 1,200 + Rs 1,380 + Rs 1,587 = Rs 4,167
Question 4.
Find the compound interest on Rs 1,000 at the rate of 8% per annum for 1\(\frac { 1 }{ 2 }\) years when interest is compounded half-yearly ?
Solution:
Principal (P) = Rs 1,000
Rate (R) = 8% p.a.
Period (T) = 1\(\frac { 1 }{ 2 }\) years = 3 half-years
Amount after one half-year = Rs 1,000 + Rs 40 = 1,040
Or principal for the second half-year = Rs 1,040
Interest for the second half-year
Amount after second half-year = Rs 1,040 + 41.60 = Rs 1,081.60
Or principal for the third half-year = Rs 1081.60
Interest for the third half-year
Compound interest for the third half-years or 1\(\frac { 1 }{ 2 }\) years
= Rs 40 + Rs 41.60 + Rs 43.264 = Rs 124.864
Question 5.
Find the compound interest on Rs 1,60,000 for one year at the rate of 20% per annum, if the interest is compounded quarterly.
Solution:
Principal (P) = Rs 1,60,000
Rate (R) = 20% p.a. or 5% quarterly
Period (T) = 1 year or 4 quarters
Amount after first quarter = Rs 1,60,000 + 8,000 = 1,68,000
Or principal for the second quarter = Rs 1,68,000
Interest for the second quarter
Amount after the second quarter = Rs 1,68,000 + Rs 8,400 = 1,76,400
Or principal for the third quarter = Rs 1,76,400
Interest for the third quarter
Amount after third quarter = Rs 1,76,400 + 8,820 = Rs 1,85,220
or Principal for the fourth quarter = Rs. 1,85,220
Interest for the fourth quarter
Total compound interest for the 4 quarters = Rs 8,000 + Rs 8,400 + Rs 8,820 + 9,261 = Rs 34,481
Question 6.
Swati took a loan of Rs 16,000 against her insurance policy at the rate of 12\(\frac { 1 }{ 2 }\) % per annum. Calculate the total compound interest payable by Swati after 3 years.
Solution:
Amount of loan or principal (P) = Rs 16,000
Amount after first year = Rs 16,000 + Rs 2,000 = Rs 18,000
Principal for the second year = Rs 18,000
Interest for the second year
Amount after second year = Rs 18,000 + 2,250 = Rs 20,250
Principal for the third year = Rs 20,250
Compound for 3 years = Rs 2,000 + Rs 2,250 + 2531.25 = Rs 6,781.25
Question 7.
Roma borrowed Rs 64,000 from a bank for 1\(\frac { 1 }{ 2 }\) years at the rate of 10% per annum. Compute the total compound interest payable by Roma after 1\(\frac { 1 }{ 2 }\) years, if the interest is compounded half-yearly.
Solution:
Principal (sum borrowed) (P) = Rs 64,000
Rate (R) = 10% p.a. or 5% half-yearly
Period (T) = 1\(\frac { 1 }{ 2 }\) years or 3 half-years
Amount after first half-year = Rs 64,000 + Rs 3,200 = Rs 67,200
Or principal for the second half-year = Rs 67,200
Interest for the second half-year
Amount after second half-year = Rs 6,7200 + 3,360 = Rs 70,560
Or principal for the third half-year = Rs 70,560
Interest for the third half-year
Total compound interest for 3 half-years
or 1\(\frac { 1 }{ 2 }\) years = Rs 3,200 + Rs 3,360 + Rs 3,528 = Rs 10,088
Question 8.
Mewa Lai borrowed Rs 20,000 from his friend RoopLal at 18% per annum simple interest. He lent it to Rampal at the same rate but compounded annually. Find his gain after 2 years.
Solution:
Principal (P) = Rs 20,000
Rate (R) = 18% p.a.
Period (T) = 2 years
In second case
Interest for the first year
Amount after one year = Rs 20,000 + Rs 3,600 = Rs 23,600
Or principal for the second year = Rs 23,600
Interest for the second year
Interest for two years = Rs 3,600 + 4,248 = Rs 7,848
Gain = Rs 7,848 – Rs 7,200 = Rs 648
Question 9.
Find the compound interest on Rs 8,000 for 9 months at 20% per annum compounded quarterly.
Solution:
Principal (P) = Rs 8,000
Rate (R) = 20% p.a. or 5% p.a. quarterly
Period (T) = 9 months or 3 quarters
Interest for the first quarterly
Amount after first quarter = Rs 8,000 + Rs 400 = Rs 8,400
Or principal for second quarter = Rs 8,400
Interest for the second quarter
Amount after second quarter = Rs 8,400 + Rs 420 = Rs 8,820
Or principal for the third quarter = Rs 8,820
Interest for the third quarter
Compound interest for 9 months or 3 quarters = Rs 400 + Rs 420 + Rs 441 = Rs 1,261
Question 10.
Find the compound interest at the rate of 10% per annum for two years on that principal which in two years at the rate of 10% per annum gives Rs. 200 as simple interest.
Solution:
Simple interest = Rs 200
Rate (R) = 10% p.a.
Period (T) = 2 years.
Now in second case,
Principal CP) = Rs 1,000
Rate (R) = 10% p.a.
Period (T) = 2 years.
Amount after one year = Rs 1,000+ Rs 100 = Rs 1,100
Or principal for the second year = Rs 1,100
Total interest for two years = Rs 100 + Rs 110 = Rs 210
Question 11.
Find the compound interest on Rs 64,000 for 1 year at the rate of 10% per annum compounded quarterly.
Solution:
Principal (P) = Rs 64,000
Rate (R) = 10% p.a. or \(\frac { 5 }{ 2 }\) % quarterly
Period (T) = 1 year = 4 quarters
Amount after first quarter = Rs 64,000 + Rs 1,600 = Rs 65,600
Or principal for the second quarter = Rs 65,600
Interest for the second quarter
Amount after second quarter = Rs 65,600 + Rs 1,640 = Rs 67,240
Or principal for the third year = Rs 67,240
= Rs 1,681
Amount after third quarter = Rs 67,240 + Rs 1,681 = Rs 68,921
Or principal for the fourth quarter
Total compound interest for 4 quarters or one year
= Rs 1,600 + Rs 1,640 + Rs 1,681 + Rs 1723.025 = Rs 6644.025
Question 12.
Ramesh deposited Rs 7,500 in a bank which pays him 12% interest per annum compounded quarterly. What is the amount which he receives after 9 months ?
Solution:
Principal (P) = Rs 7,500
Rate (R) = 12% p.a. or 3% quarterly
Time (T) = 9 months or 3 quarters
Amount after one quarter = Rs 7,500 + Rs 225 = Rs 7,725
Or Principal for second quarter = Rs 7,725
Interest for the second quarter
Amount after second quarter = Rs 7,725 + Rs 231.75 = Rs 7956.75
Or principal for the third quarter
Total amount he received after 9 months = Rs 7956.75 + Rs 238.70 = Rs 8195.45
Question 13.
Anil borrowed a sum of Rs 9,600 to install a hand pump in his dairy. If the rate of interest is 5\(\frac { 1 }{ 2 }\) % .per annum compounded annually, determine the compound interest which Anil will have to pay after 3 years.
Solution:
Principal (P) = Rs 9,600
Rate of interest (R) = 5\(\frac { 1 }{ 2 }\) % = \(\frac { 11 }{ 2 }\) % p.a.
Period (T) = 3 years.
Amount after one year = Rs 9,600 + Rs 528 = Rs 10,128
Or principal for second year = Rs 10,128
Interest for the second year
Amount after second year = Rs 10,128 + Rs 557.04 = Rs 10685.04
or Principal for the third year = Rs 10685.04
Interest for the third year
Total compound interest = Rs 528 + Rs 557.04 + Rs 587.68 = Rs 1672.72
Question 14.
Surabhi borrowed a sum of Rs 12,000 from a finance company to purchase a refrigerator. If the rate of interest is 5% per annum compounded annually, calculate the compound interest that Surabhi has to pay to the company after 3 years.
Solution:
Sum of money borrowed (P) = Rs 12,000
Rate (R) = 5% p.a.
Period (T) = 3 years
Amount after one year = Rs 12,000 + Rs 600 = Rs 12,600
Or principal for the second year = Rs 12,600
Interest for the second year
Amount after second year = Rs 12,600 + Rs 630 = Rs 13,230
Or Principal for the third year = Rs 13,230
Interest for the third year
Total compound interest for 3 years = Rs 600 + Rs 630 + Rs 661.50 = Rs 1891.50
Question 15.
Daljit received a sum of Rs 40,000 as a loan from a finance company. If the rate of interest is 7% per annum compounded annually, calculate the compound interest that Daljit pays after 2 years.
Solution:
Amount of loan (P) = Rs 40,000
Rate (R) = 7% p.a.
Period = 2 years
Amount after one year = Rs 40,000 + Rs 2,800 = Rs 42,800
Or principal for the second year = Rs 42,800
Interest for the second year
Total interest paid after two years = Rs 2,800 + 2,996 = Rs 5,796
Hope given RD Sharma Class 8 Solutions Chapter 14 Compound Interest Ex 14.1 are helpful to complete your math homework.
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