Compound Interest :: Mathematics topic :: Compound Interest Question for SBI PO, SSC CGL, IBPS.
Compound Interest Formula - CI Formula:-Let Principle = P, Rate = R% per annum and Time = N years. then,
- When interest is compounded Annually, Amount = P (1 + R/100)N
- When interest is compounded Half-yearly, Amount = P (1 + R/2/100)2N
- When interest is compounded Quaterly, Amount = P (1 + R/4/100)4N
- When interest is compounded Annually, but the time is in fraction, say 2⅞ years. Then, Amount = P (1 + R/100)2 × (1 + ⅞R/100)2.
- When Rates are different for different years, say R1%, R2%, R3% for 1st, 2nd, and 3rd year respectively, Then, Amount = P (1 + R1/100) (1 + R2/100) (1 + R3/100)
- CI (Compound Interest) = P [ (1 + R/100)T -1]
Question:
1. Find the compound Interest on Rs. 12000 at the rate of 5% per annum for 2 years.
2. Find the Compound Interest on Rs.10000 at the rate of 20% per annum. If it is compounded half-yearly.
3. The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. What will be the period (in years)?
4. At what rate of compound interest per annum will a sum of Rs. 1200 become Rs. 1323 in 2 years?
5. Pooja invested an amount of Rs. 6000 in a fixed deposit scheme for 2 years at compound interest rate 5% Per annum (p.c.p.a.) How much amount will Pooja get on maturity of the fixed deposit?
Answer:
1.- Rs. 1230
2.- Rs. 6641
3.- 2 Years
4.- 5%
5. Rs.6615
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