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Find the compound interest earned in the 9th year, if the compound interest earned on the principal amount Rs. 10000 at the 8th year is Rs. 1948.72 and the rate of interest applied is 10% p.a.
- a)Rs. 2143.59
- b)Rs. 3143.59
- c)Rs. 2103.59
- d)Rs. 1958.7
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Find the compound interest earned in the 9th year, if the compound in...
Given:
Compound interest earned on the 8th year = Rs. 1948.72
Rate of interest applied = 10% p.a.
Formula used:
(1.) C.In+1 = (1 + R%) × C.In
Where,
C.In = Compound interest earned for nth year
C.In+1 = Compound interest earned for (n + 1)th year
R = rate of interest applied
Calculation:
According to the question,
⇒ C.I9 = (1 + 10%) × C.I8
⇒ C.I9 = (1 + 0.1) × 1948.72
⇒ C.I9 = 1.1 × 1948.72
⇒ C.I9 = Rs. 2143.59
Therefore, 'Rs. 2143.59' is the required answer.
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Find the compound interest earned in the 9th year, if the compound in...
Understanding Compound Interest
Compound interest is calculated on the principal amount as well as the accumulated interest from previous periods. In this scenario, we need to determine the compound interest earned in the 9th year based on the information given for the 8th year.
Given Information
- Principal Amount (P): Rs. 10,000
- Rate of Interest (R): 10% per annum
- Compound Interest for 8th Year: Rs. 1948.72
Calculation of Amount at the End of 8 Years
To find the amount after 8 years, we can add the compound interest earned in the 8th year to the principal:
- Amount after 8 years (A8) = Principal + Compound Interest for 8th Year
- A8 = 10,000 + 1948.72 = Rs. 11,948.72
Calculation of Compound Interest for the 9th Year
The compound interest for the 9th year can be calculated using the amount at the end of the 8th year:
- Compound Interest for 9th Year = A8 * (R / 100)
- Compound Interest for 9th Year = 11,948.72 * (10 / 100)
- Compound Interest for 9th Year = 11,948.72 * 0.10 = Rs. 1,194.87
Final Calculation of Total Compound Interest
To find the total compound interest earned in the 9th year, we need to add the compound interest from the 8th year to that of the 9th year:
- Total Compound Interest = Compound Interest for 9th Year + Compound Interest for 8th Year
- Total Compound Interest = 1,194.87 + 1948.72 = Rs. 2,143.59
Hence, the compound interest earned in the 9th year is Rs. 2143.59, confirming that option 'A' is the correct answer.
Compound interest is calculated on the principal amount as well as the accumulated interest from previous periods. In this scenario, we need to determine the compound interest earned in the 9th year based on the information given for the 8th year.
Given Information
- Principal Amount (P): Rs. 10,000
- Rate of Interest (R): 10% per annum
- Compound Interest for 8th Year: Rs. 1948.72
Calculation of Amount at the End of 8 Years
To find the amount after 8 years, we can add the compound interest earned in the 8th year to the principal:
- Amount after 8 years (A8) = Principal + Compound Interest for 8th Year
- A8 = 10,000 + 1948.72 = Rs. 11,948.72
Calculation of Compound Interest for the 9th Year
The compound interest for the 9th year can be calculated using the amount at the end of the 8th year:
- Compound Interest for 9th Year = A8 * (R / 100)
- Compound Interest for 9th Year = 11,948.72 * (10 / 100)
- Compound Interest for 9th Year = 11,948.72 * 0.10 = Rs. 1,194.87
Final Calculation of Total Compound Interest
To find the total compound interest earned in the 9th year, we need to add the compound interest from the 8th year to that of the 9th year:
- Total Compound Interest = Compound Interest for 9th Year + Compound Interest for 8th Year
- Total Compound Interest = 1,194.87 + 1948.72 = Rs. 2,143.59
Hence, the compound interest earned in the 9th year is Rs. 2143.59, confirming that option 'A' is the correct answer.
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Find the compound interest earned in the 9th year, if the compound interest earned on the principal amount Rs. 10000 at the 8th year is Rs. 1948.72 and the rate of interest applied is 10% p.a.a)Rs. 2143.59b)Rs. 3143.59c)Rs. 2103.59d)Rs. 1958.7Correct answer is option 'A'. Can you explain this answer?
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Find the compound interest earned in the 9th year, if the compound interest earned on the principal amount Rs. 10000 at the 8th year is Rs. 1948.72 and the rate of interest applied is 10% p.a.a)Rs. 2143.59b)Rs. 3143.59c)Rs. 2103.59d)Rs. 1958.7Correct answer is option 'A'. Can you explain this answer? for SSC CGL 2024 is part of SSC CGL preparation. The Question and answers have been prepared according to the SSC CGL exam syllabus. Information about Find the compound interest earned in the 9th year, if the compound interest earned on the principal amount Rs. 10000 at the 8th year is Rs. 1948.72 and the rate of interest applied is 10% p.a.a)Rs. 2143.59b)Rs. 3143.59c)Rs. 2103.59d)Rs. 1958.7Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for SSC CGL 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find the compound interest earned in the 9th year, if the compound interest earned on the principal amount Rs. 10000 at the 8th year is Rs. 1948.72 and the rate of interest applied is 10% p.a.a)Rs. 2143.59b)Rs. 3143.59c)Rs. 2103.59d)Rs. 1958.7Correct answer is option 'A'. Can you explain this answer?.
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