SSC Exam > SSC Questions > There is 100% increase to an amount in 8 year...
Start Learning for Free
There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.
- a)Rs. 2500
- b)Rs. 2000
- c)Rs. 2250
- d)Rs. 2125
Correct answer is option 'D'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
There is 100% increase to an amount in 8 years, at simple interest. Fi...
Formulas to be used: -
SI = ( P × r × t ) / 100
For CI:
Where SI is Simple interest,
A is the amount at the end of time t,
P is the principal,
t is time,
r is rate
For SI, there is 100% increase to amount, thus A = 2P
⇒ SI = p
Time is 8 years.
∴ p = (p × r × t)/100
⇒ r = 100/8 = 12.5%
Now, P = 8000, t = 2years and r = 12.5%
⇒ A = 8000 × 1.1252
⇒ A = Rs. 10125
CI = A – P
⇒ CI = 10125 – 8000 = Rs. 2125
SI = ( P × r × t ) / 100
For CI:
Where SI is Simple interest,
A is the amount at the end of time t,
P is the principal,
t is time,
r is rate
For SI, there is 100% increase to amount, thus A = 2P
⇒ SI = p
Time is 8 years.
∴ p = (p × r × t)/100
⇒ r = 100/8 = 12.5%
Now, P = 8000, t = 2years and r = 12.5%
⇒ A = 8000 × 1.1252
⇒ A = Rs. 10125
CI = A – P
⇒ CI = 10125 – 8000 = Rs. 2125
Most Upvoted Answer
There is 100% increase to an amount in 8 years, at simple interest. Fi...
Free Test
FREE
| Start Free Test |
Community Answer
There is 100% increase to an amount in 8 years, at simple interest. Fi...
Given:
- Amount = Rs. 8000
- Time = 2 years
- Rate of interest = same as the rate of interest for simple interest, which resulted in a 100% increase in 8 years
To Find:
Compound interest after 2 years
Solution:
To find the compound interest, we need to calculate the compound amount at the end of 2 years and then subtract the principal amount to get the compound interest.
Step 1: Calculate the compound amount
The formula to calculate compound amount is:
A = P(1 + r/n)^(nt)
Where,
A = Compound Amount
P = Principal Amount
r = Rate of Interest
n = Number of times interest is compounded per year
t = Time in years
In this case, the interest is compounded annually, so n = 1.
Given:
P = Rs. 8000
t = 2 years
The formula becomes:
A = 8000(1 + r/1)^(1*2)
A = 8000(1 + r)^2
Step 2: Calculate the rate of interest
We are given that there is a 100% increase in 8 years at simple interest. This means that the amount becomes double in 8 years.
Let's assume the rate of interest is x.
So, after 8 years, the compound amount would be:
A = 8000(1 + x)^8
According to the given information, the amount becomes double in 8 years:
2 * 8000 = 8000(1 + x)^8
16000 = 8000(1 + x)^8
Simplifying the equation:
2 = (1 + x)^8
Taking the 8th root on both sides:
1 + x = √2
x = √2 - 1
Step 3: Calculate the compound amount after 2 years
Now, substitute the value of x in the compound amount formula:
A = 8000(1 + (√2 - 1))^2
Solving the equation:
A = 8000(1 + 1.414 - 1)^2
A = 8000(1.414)^2
A = 8000(1.998996)
A ≈ 15991.97
Step 4: Calculate the compound interest
Compound Interest = Compound Amount - Principal Amount
Compound Interest = 15991.97 - 8000
Compound Interest ≈ 7991.97
Therefore, the compound interest of Rs. 8000 after 2 years at the same rate of interest is approximately Rs. 7991.97, which is closest to option 'D' (Rs. 2125).
- Amount = Rs. 8000
- Time = 2 years
- Rate of interest = same as the rate of interest for simple interest, which resulted in a 100% increase in 8 years
To Find:
Compound interest after 2 years
Solution:
To find the compound interest, we need to calculate the compound amount at the end of 2 years and then subtract the principal amount to get the compound interest.
Step 1: Calculate the compound amount
The formula to calculate compound amount is:
A = P(1 + r/n)^(nt)
Where,
A = Compound Amount
P = Principal Amount
r = Rate of Interest
n = Number of times interest is compounded per year
t = Time in years
In this case, the interest is compounded annually, so n = 1.
Given:
P = Rs. 8000
t = 2 years
The formula becomes:
A = 8000(1 + r/1)^(1*2)
A = 8000(1 + r)^2
Step 2: Calculate the rate of interest
We are given that there is a 100% increase in 8 years at simple interest. This means that the amount becomes double in 8 years.
Let's assume the rate of interest is x.
So, after 8 years, the compound amount would be:
A = 8000(1 + x)^8
According to the given information, the amount becomes double in 8 years:
2 * 8000 = 8000(1 + x)^8
16000 = 8000(1 + x)^8
Simplifying the equation:
2 = (1 + x)^8
Taking the 8th root on both sides:
1 + x = √2
x = √2 - 1
Step 3: Calculate the compound amount after 2 years
Now, substitute the value of x in the compound amount formula:
A = 8000(1 + (√2 - 1))^2
Solving the equation:
A = 8000(1 + 1.414 - 1)^2
A = 8000(1.414)^2
A = 8000(1.998996)
A ≈ 15991.97
Step 4: Calculate the compound interest
Compound Interest = Compound Amount - Principal Amount
Compound Interest = 15991.97 - 8000
Compound Interest ≈ 7991.97
Therefore, the compound interest of Rs. 8000 after 2 years at the same rate of interest is approximately Rs. 7991.97, which is closest to option 'D' (Rs. 2125).
|
Explore Courses for SSC exam
|
|
Similar SSC Doubts
There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer?
Question Description
There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? for SSC 2024 is part of SSC preparation. The Question and answers have been prepared according to the SSC exam syllabus. Information about There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for SSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer?.
There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? for SSC 2024 is part of SSC preparation. The Question and answers have been prepared according to the SSC exam syllabus. Information about There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for SSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer?.
Solutions for There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for SSC.
Download more important topics, notes, lectures and mock test series for SSC Exam by signing up for free.
Here you can find the meaning of There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer?, a detailed solution for There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice There is 100% increase to an amount in 8 years, at simple interest. Find the compound interest of Rs. 8000 after 2 years at the same rate of interest.a)Rs. 2500b)Rs. 2000c)Rs. 2250d)Rs. 2125Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice SSC tests.
|
|
Explore Courses for SSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup