Practice the questions given in the worksheet on compound interest with growing principal.
1. David invested a sum of $ 14000 for two years at a compound interest rate of 5% per annum. Find the interest on the sum for 2 years.
2. Shelly invests a sum of $ 5,600 at a compound interest rate of 14 % per annum for 2 years.
(i) Find the interest for the first year.
(ii) Find the amount at the end of the first year.
(iii) Find the interest for the second year, correct to the nearest dollar.
3. Derek borrows $ 8000 at 10% compound interest. If he repays $ 1500 at the end of each year, find the amount of loan outstanding at the beginning of the third year.
4. A sum of $ 10,000 is invested for two years at a compound interest rate of 5% per annum.
(i) Find the principal for the second year.
(ii) Find the amount and the interest on the sum for two years.
5. A sum of $ 8,000 becomes $ 8,400 in one year at a certain interest rate per annum. Find the compound interest on the sum for two years at the same rate of interest.
6. If the rate of compound interest for the first and second year be 4 % and 5 % respectively, find the compound interest on $ 25000 for 2years.
7. A sum of $ 2400is borrowed at a halfyearly compound interest rate 6 1/4 %.
(i) Find the amount of the debt at the end of one year.
(ii) Find the amount of money required to clear off the debt after 1 ½ years.
8. A man invest $ 1000 at a compound interest rate of 10% per annum, compounded semiannually find the compound interest for one year.
Answers for the worksheet on compound interest with growing principal are given below.
Answers:
1. $
1,435
2. (i) $ 784
(ii) $ 6,384
(iii) $ 894
3. $
6530
4. (i) $ 10,500
(ii) $ 11,025 and $ 1,025
5. $
820
6. $ 2300
7. (i) $ 2,709.38
(ii) $ 2,878.72
8. $ 10,250
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8th Grade Math Practice
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