RS Aggarwal Class 8 Maths Chapter 11 Ex 11a Solutions: In this exercise, the students will learn the problems based on the computation of compound interest when interest is compounded annually, half-yearly, and quarterly. These solutions are created by our Mathematics expert tutors for the purpose of strengthening the topics & problem-solving abilities among students.
RS Aggarwal Class 8 Maths Chapter 11 Ex 11a Solutions are prepared with utmost care to assist students to analyze the problems competently in order to attain excellent marks in the Class 8th Maths final exams. These solutions also include practical examples to explain the exercise questions in simple language. The students can access these solutions for free of cost & practice on regular basis in order to attain higher marks.
Download RS Aggarwal Class 8 Maths Chapter 11 Ex 11a Solutions
Important Definition for RS Aggarwal Class 8 Maths Chapter 11 Ex 11a Solutions
- Compound Interest:
It is the interest calculated on the principal & the interest received previously. Compounding is the process in which the interest is calculated not on the principal amount but also on the interest gained in the previous periods. Therefore, the total interest for the consecutive period includes the interest on principal plus interest for the previous period. It is also known as interest on interest.
- Formula of Compound Interest
The students can easily know how to calculate compound interest for any principal amount for any number of years with the given below formula:
Compound Interest = Amount – Principal
The amount is calculated using the following formula:
A = P(1 + r/n) nt
The general formula of compound interest is:
C.I. = (A – P) = P(1 + r/n)nt – P = P[(1 + r/n)nt – 1]
where, A = amount, P = principal, r = rate of interest, n = number of times interest is compounded per year, t = time (in years)
- Formula of Compound Interest When Amount Is Compounded Half Yearly
When Compound Interest is calculated for a time duration of ½ yearly, we divide the rate by 2 & multiply the time by 2 in the general formula.
A = P[1 + (r/2)/100]2t
C.I. = P[1 + (r/2)/100]2t − P
- Formula of Compound Interest When Amount Is Compounded Quarterly
When the rate is compounded quarterly, we divide the rate by 4 & multiply the time by 4 in the general formula. Here is the formula of Compound Interest Quarterly:
A = P[1 + (r/4)/100]4t
C.I. = P[1 + (r/4)/100]4t – P
Where, A = Amount
P = Principal
C.I. = Compound interest
r = Rate of interest per year
t = Number of years
- Find Compound Interest
When we have the principal amount, rate of interest, time, and the number of times the interest is compounded, Compound interest can be found. With the help of the formula for compound interest, we can substitute all the values in the formula & get the result. At times, the value of compound interest is given & we have to conclude other values like principal amount, final amount, or rate of interest.
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