Question

The time period in which the sum of money ₹ 12000 becomes ₹ 15870 at the rate of 15% per annum compounded annually is ______.

पर्याय

• 6 months

• 1 year

• `1 1/2` year

• 2 years

Answer 1

The time period in which the sum of money ₹ 12000 becomes ₹ 15870 at the rate of 15% per annum compounded annually is 2 years.

Explanation:

Given:

• P = 12000,
• A = 15870,
• r = 15%,
• Find (n).

Calculate:

`12000(1 + 15/100)^n = 15870`

⇒ `(115/100)^n = 15870/12000`

⇒ `(115/100)^n = 1.3225`

We know, `(115/100)^2 = 1.3225`

Therefore, n = 2 years.

Hence, the sum becomes ₹ 15870 in 2 years at 15% per annum compounded annually.