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With compound interest, the interest of each year is added to the money, and next year’s interest is worked out on this bigger amount. So ₹10000 at 10% becomes ₹11000 after 1 year and ₹12100 after 2 years: the compound interest is ₹2100, which is ₹100 more than simple interest. The same idea works for a growing population or a value that falls by a fixed per cent each year.
✓ You passed this lesson’s test.
Grow it every year — “each year the interest is worked out on the new amount, not the first one”
Use it for: Bank fixed deposits and loans, population growth, the falling value of a scooter, and the comparing quantities chapter of Class 8 maths.
🧮 Check your own sums with the free Compound interest calculator — it shows the working.
Check: Simple interest would be 1000 × 2 = 2000, and CI − SI = 10000 × 10 × 10 ÷ 10000 = 100 ✓
▶ Watch it animatedWork it out in your head or on paper, type the answer and press Check. Stuck? Press “Show me how”.
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20 sums. Check each answer, then go to the next one. Get 16 or more right to pass.
🏅 Sign in with Google to earn the 🏦 Interest Investor badge when you pass — and a certificate when you finish all 8 lessons of Part 8 · Class 8. You can still take the test without signing in.
Why does it work? When should you use it? Ask in English, मराठी or हिंदी.
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