Compound Interest

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Compound Interest - compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest.
Applications of Compound Interest 
1. In increase or decrease in population. 
2. The growth of bacteria when the rate of growth is known. 
3. Depreciation in the values of machines. 
Important Facts : 
1. When time is given in days, we convert it to year by dividing it by 365.
2. When time is given in months, we convert it to year by dividing it by 12.
3. When dates are given, the day on which the sum is borrowed is not included but the day on which money is returned is included, while counting the number of days.

Remark - negative sign of rate indicates the depreciation. 
Practice Questions 
1.Find the compound interest on ₹ 5000 at 8% per annum for 2 years, compounded annually? 
2.Find the amount of ₹18000 for 3 years, compounded annually at 10% per annum. Also, find the compound interest. 
3.The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. Find the time period (in years) ? 
4.If the difference in simple interest and compound interest on a certain sum of money in 2 years at 10 % p.a. is Rs. 50. Then find the sum. 
5. A sum of money amounts to Rs.6690 after 3 years and to Rs.10,035 after 6 years on compound interest.Then find the sum.

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