ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India.
Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. Just upload your form 16, claim your deductions and get your acknowledgment number online. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing.
CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. ClearTax can also help you in getting your business registered for Goods & Services Tax Law.
Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. Download ClearTax App to file returns from your mobile phone.
Complete step-by-step answer:
Let the sum which will amount to Rs 6,600 in 4 years @ 8% per annum be P.
We know that the interest on the amount P for time t years @ r% per annum is given by $I=\dfrac{P\times r\times t}{100}$
Hence, we have
$I=\dfrac{P\times 8\times 4}{100}=\dfrac{8P}{25}$
We know that the amount A is given by $A=I+P$
Hence, we have
$A=\dfrac{8P}{25}+P=\dfrac{33P}{25}$
But given that A = 6600
Hence, we have
$\dfrac{33P}{25}=6600$
Multiplying both sides by 25, we get
$33P=25\times 6600$
Dividing both sides by 33, we get
$P=\dfrac{25\times 6600}{33}=25\times 200=5000$
Hence the sum which will amount to Rs 6,600 @ 8% per annum for 4 years at simple interest is Rs. 5000.
Hence option (B) is correct.
Note:
Verification:
We have P = 5000, r = 8% and t = 4 years
Hence, we have
$I=\dfrac{5000\times 8\times 4}{100}=1600$
Hence, we have A = P+I = 5000+1600 = Rs 6,600
Hence our answer is verified to be correct.
A. Rs. 600
B. Rs. 6600
C. Rs. 6610
D. Rs. 6615
Solution(By Examveda Team)
$$\eqalign{ & {\text{Amount = 6000}}{\left( {1 + \frac{5}{{100}}} \right)^2} \cr & \Rightarrow {\text{Amount = 6000}} \times \frac{{21}}{{20}} \times \frac{{21}}{{20}} \cr & \Rightarrow {\text{Amount = Rs. 6615}} \cr} $$
Sum
At what per cent per annum will Rs.6,000 amount to Rs.6,615 in 2 years when interest is compounded annually?
Advertisement Remove all ads
Solution
Amount = `"P"( 1 + r/100)^n`
⇒ 6,615 = `6,000( 1 + r/100 )^2`
⇒ `( 1 + r/100 )^2 = [6,615]/[6,000]`
⇒ 1 + `r/100 = 21/20`
= r = 5%
At 5% per annum the sum of Rs. 6,000 amounts to Rs. 6,615 in 2 years when the interest is compounded annually.
Concept: Concept of Compound Interest - Inverse Formula
Is there an error in this question or solution?
Advertisement Remove all ads
Chapter 3: Compound Interest (Using Formula) - Exercise 3 (A) [Page 44]
Q 9Q 8Q 10
APPEARS IN
Selina Concise Mathematics Class 9 ICSE
Chapter 3 Compound Interest (Using Formula)
Exercise 3 (A) | Q 9 | Page 44
Advertisement Remove all ads
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses
No worries! We‘ve got your back. Try BYJU‘S free classes today!
No worries! We‘ve got your back. Try BYJU‘S free classes today!
Solution
The correct option is B
Rs 1260
: Given, principal (P) = Rs 6000, rate (R) = 10% and n = 2 years
We know that,
A=P(1+R100)n
=6000(1+10100)2
=6000(1+110)2
=6000(1110)2
=6000× 1110 × 1110
= Rs 7260
Compound Interest = Amount − Principal
= 7260 − 6000
= 1260
Hence, the compound interest is Rs 1260.
Textbooks
Question Papers
Home