Mechanical Engineering Exam > Mechanical Engineering Videos > General Aptitude for GATE > Problem Set 2 : Compound Interest
Problem Set 2 : Compound Interest Video Lecture | General Aptitude for GATE - Mechanical Engineering
|
198 videos|165 docs|152 tests
|
FAQs on Problem Set 2 : Compound Interest Video Lecture - General Aptitude for GATE - Mechanical Engineering
| 1. What is compound interest and how does it work? |  |
Ans. Compound interest is the interest calculated on the initial amount of money as well as the accumulated interest from previous periods. It works by adding the interest to the principal amount, and then calculating the interest for the next period based on the new total.
| 2. How is compound interest different from simple interest? | |
Ans. Compound interest differs from simple interest as it takes into consideration the interest earned in previous periods and adds it to the principal amount for subsequent interest calculations. Simple interest, on the other hand, only considers the original principal amount.
| 3. Can you provide an example of compound interest? | |
Ans. Sure! Let's say you invest $1,000 in a savings account with an annual interest rate of 5%. After the first year, you would earn $50 in interest. In the second year, the interest would be calculated on the new total, which would be $1,050. This process continues for each subsequent year.
| 4. How can compound interest affect my savings or investments over time? | |
Ans. Compound interest can have a significant impact on savings or investments over time. By reinvesting the earned interest, your initial principal grows faster, leading to exponential growth in the long run. The longer you keep your money invested, the more pronounced the effect of compound interest becomes.
| 5. Are there any formulas or calculations to determine compound interest? | |
Ans. Yes, there is a formula to calculate compound interest. It is given by the formula: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount, r is the annual interest rate, n is the number of times interest is compounded per year, and t is the number of years.
Related Exams
About this Video
|
1.4K Views |
|
4.67/5 Rating |
|
Nov 21, 2024 Last updated |
Video Description: Problem Set 2 : Compound Interest for Mechanical Engineering 2024 is part of General Aptitude for GATE preparation.
The notes and questions for Problem Set 2 : Compound Interest have been prepared according to the Mechanical Engineering exam syllabus.
Information about Problem Set 2 : Compound Interest covers all important topics for Mechanical Engineering 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Problem Set 2 : Compound Interest.
Introduction of Problem Set 2 : Compound Interest in English is available as part of our General Aptitude for GATE for Mechanical Engineering & Problem Set 2 : Compound Interest in
Hindi for General Aptitude for GATE course. Download more important topics related with notes, lectures and mock test series for
Mechanical Engineering Exam by signing up for free.
Description
Video Lecture & Questions for Problem Set 2 : Compound Interest Video Lecture | General Aptitude for GATE - Mechanical Engineering - Mechanical Engineering full syllabus preparation | Free video for Mechanical Engineering exam to prepare for General Aptitude for GATE.
Information about Problem Set 2 : Compound Interest
Here you can find the meaning of Problem Set 2 : Compound Interest defined & explained in the simplest way possible.
Besides explaining types of Problem Set 2 : Compound Interest theory, EduRev gives you an ample number of questions to practice Problem Set 2 : Compound Interest tests,
examples and also practice Mechanical Engineering tests.
|
198 videos|165 docs|152 tests
|
|
Explore Courses for Mechanical Engineering exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Previous Year Questions with Solutions
,Problem Set 2 : Compound Interest Video Lecture | General Aptitude for GATE - Mechanical Engineering
,Free
,study material
,Sample Paper
,Objective type Questions
,Summary
,mock tests for examination
,Problem Set 2 : Compound Interest Video Lecture | General Aptitude for GATE - Mechanical Engineering
,Important questions
,past year papers
,Semester Notes
,Extra Questions
,ppt
,video lectures
,shortcuts and tricks
,Exam
,MCQs
,Viva Questions
,Problem Set 2 : Compound Interest Video Lecture | General Aptitude for GATE - Mechanical Engineering
,practice quizzes
;
Study Problem Set 2 : Compound Interest on the App
Students of Mechanical Engineering can study Problem Set 2 : Compound Interest alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Problem Set 2 : Compound Interest,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Problem Set 2 : Compound Interest is prepared as per the latest Mechanical Engineering syllabus.
|
© 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