Question 1 Simple and Compound Interest Exercise 8.2 Next
Answer:
Given Rate of interest = 10% per annum Principal for the first year = Rs 6000 Interest for the first year = Rs (6000 × 10 × 1) / 100 = Rs 600 Amount at the end of first year = Rs 6000 + Rs 600 = Rs 6600 Principal for the second year = Rs 6600 Interest for the second year = Rs (6600 × 10 × 1) / 100 = Rs 660 Amount for the second year = Rs 6600 + Rs 660 = Rs 7260 Therefore, compound interest for 2 years = final amount – (original) Principal = Rs 7260 – Rs 6000 We get, = Rs 1260
Video transcript "hello everybody welcome to lido learning channel my name is rajna chaudhary and we have to solve the question we have to calculate the compound interest on rupees 6000 at 10 per annum for two years so we are given that rate is 10 percent principal is rupees 6000 and time is 2 years so compound interest is interest over interest so we calculate it annually so we will calculate the interest for first year then we will use we will use that amount to calculate interest for the next year so let's find out so interest for first year would be equal to principal into rate into time upon 100 so 6000 multiplied by 10 multiplied by 1 so we have put time as 1 because we are calculating it annually so upon 100 and after further calculation we have 600 now amount for the first year is principal plus interest that means 6000 plus 600 that is 66 double zero now we will use this amount as the interest for the next year because uh next year because that is the compound interest that next interest is charged on the first year's amount so in this case for second year for second year our principal is six six double zero uh rate is ten percent and time is one year now let's find out interest so p into r into t upon hundred the same way same formula let's put the values so we have here 660 as the interest now let's find out amount amount is principal plus interest so principal is six six double zero and interest is six six zero so after adding we would have seven two six zero so this is the amount she has to pay but we do have to find the compound interest so the compound interest would be equal to amount minus principle so this is the final amount 7 2 6 0 and the original principle so original principle that means that she has taken as a principle so after the subtraction we would have rupees one two six zero so this is the final compound address that she has to pay after two years so this is all for the video i hope you understand see you in my next video don't forget to like share and subscribe the channel thank you for watching "
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Question 10 Compound Interest Exercise 14.1 Next
Answer:
Given details are, Simple interest (SI) = Rs 200 Rate (r) = 10 % Time = 2 years So, by using the formula, Simple interest = P×T×R/100 P = (SI × 100)/ T×R = (200 × 100) / 2 × 10 = 20000/20 = Rs 1000 Now, Rate of compound interest = 10% Time = 2years By using the formula, A = P (1 + R/100)^n = 1000 (1 + 10/100)^2 = 1000 (110/100)^2 = Rs 1210 ∴ Compound Interest = A – P = Rs 1210 – Rs 1000 = Rs 210
Video transcript "hello students welcome to lido's question and answer classroom my name is shaisa firozi class and today we are going to find out the compound interest so let's quickly see the question the question says find the compound interest okay so here you can understand that you have to find out the compound interest at the rate of 10 percent so your rate is 10 percent per annum for two years okay so your time period is two years on that principle which in two years at the rate of ten percent per annum given rupees 200 as simple interest so you can see here that rupees 2 and 200 is our simple interest so let's quickly jot down the details whatever is given to us so simple interest is rupees 200 our rate of interest is r which is equals to 10 percent i'll just wrap this okay so this is my 10 percent rate of interest then i have time which is two years so now since you know that simple interest is given now we have to take the relation of simple interest so by using the formula of simple interest we are going to quickly find out the principle because we don't have the principle and we require principle for compound interest so i am going to find out i'm using the formula of simple interest which is nothing but principle into rate of interest into time upon hundred so let's quickly write down simple interest is rupees 200. principle we don't know we need to find out principle rate of interest is 10 time is 2 divided by 100 so we are going to transpose 200 in 200 upon 10 into 2 and principle on one side okay so i have transpose 100 to 210 and 2 to the denominator after calculation i am going to get my principle as rupees thousand okay so that's clear from here you got principal as rupees thousand so now you can take the principal amount and you can start with finding the compound interest now you know that compound interest formula is equals to amount minus principle okay now as you can see the formula for compound interest that for compound interest we require amount and principle we have got a principal amount but we don't have amount okay we have got principal but we don't have amount so first of all we are going to find out the amount so let's find out the amount by using the formula for amount so my amount is equals to p 1 plus r that is rate of interest upon 100 raised to n that is time period so my principle is thousand one plus my rate of interest is ten upon hundred raised to n that is the time period which is for two years so i get thousand 100 plus 10 upon 100 raised to 2. you can clearly understand that i have taken an lcm for this whole bracket because your the denominator is nothing but your it is 100 so taking an lcm 100 i have written this as 100 plus 10 upon 100 so on solving this i will get 1000 into 110 upon 100 raised to 2 which on solving the whole problem when i solve i will get rupees 1000 so i'll get rupees one thousand [Music] two hundred and ten so i got my amount as rupees one thousand two hundred and ten now since i have received my amount i can substitute my value of amount over here i have already got my principle so i will substitute the principal value over here and i can quickly find out the compound interest so let's quickly find out the compound interest so compound interest is equal to amount minus principle my amount i got as 1000 to 1210 minus 1000 which is my principle and therefore my compound interest on subtracting will give me rupees 200 and so you can see here that we have got the compound interest which is rupees 210 okay so all right that's our answer so subscribe to lido for more updates and do comment waiting for your comment hope you have all understood see you all next time thank you bye take care"
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Saving
The power of compounding grows your savings faster 3 minutes
The sooner you start to save, the more you'll earn with compound interest. Compound interest is the interest you get on:
For example, if you have a savings account, you'll earn interest on your initial savings and on the interest you've already earned. You get interest on your interest. This is different to simple interest. Simple interest is paid only on the principal at the end of the period. A term deposit usually earns simple interest. Save more with compound interestThe power of compounding helps you to save more money. The longer you save, the more interest you earn. So start as soon as you can and save regularly. You'll earn a lot more than if you try to catch up later. For example, if you put $10,000 into a savings account with 3% interest compounded monthly:
Compound interest formulaTo calculate compound interest, use the formula: A = P x (1 + r)n A = ending balanceP = starting balance (or principal)r = interest rate per period as a decimal (for example, 2% becomes 0.02) n = the number of time periods How to calculate compound interestTo calculate how much $2,000 will earn over two years at an interest rate of 5% per year, compounded monthly: 1. Divide the annual interest rate of 5% by 12 (as interest compounds monthly) = 0.0042 2. Calculate the number of time periods (n) in months you'll be earning interest for (2 years x 12 months per year) = 24 3. Use the compound interest formula A = $2,000 x (1+ 0.0042)24A = $2,000 x 1.106 A = $2,211.64
Lorenzo and Sophia compare the compounding effect
Lorenzo and Sophia both decide to invest $10,000 at a 5% interest rate for five years. Sophia earns interest monthly, and Lorenzo earns interest at the end of the five-year term. After five years:
Sophia and Lorenzo both started with the same amount. But Sophia gets $334 more interest than Lorenzo because of the compounding effect. Because Sophia is paid interest each month, the following month she earns interest on interest. |
The compound interest on rs. 10 @ 10 per annum for two years will be
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