If one invests Rs. 10,000 in a bank at a rate of interest 8% per annum, how long does it take to double the money by compound interest? [(1.08)5 = 1.47] - Mathematics and Statistics

Sum

If one invests Rs. 10,000 in a bank at a rate of interest 8% per annum, how long does it take to double the money by compound interest? [(1.08)⁵ = 1.47]

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Solution

Amount invested = Rs. 10000

Interest rate = `8/100` = 0.08

amount after 1^st year = 10000 (1 + 0.08)

= 10000 (1.08)

Value of the amount after n years

= 10000 (1.08)ⁿ

= 20000

∴ (1.08)ⁿ = 2

(1.08)⁵ = 1.47 ...[Given]

∴ n = 10 year. (approximately)

Concept: Geometric Progression (G. P.)

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Chapter 2: Sequences and Series - Exercise 2.2 [Page 32]

Q 13 Q 12 Q 1. (i)

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Balbharati Mathematics and Statistics 2 (Arts and Science) 11th Standard Maharashtra State Board

Chapter 2 Sequences and Series
Exercise 2.2 | Q 13 | Page 32

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If one invests Rs. 10,000 in a bank at a rate of interest 8% per annum, how long does it take to double the money by compound interest? [(1.08)5 = 1.47] - Mathematics and Statistics

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