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In how many years Rs. 1,00,000 will become Rs. 1,33,100 at a compound interest rate of 10% per annum? - Mathematics and Statistics

Sum

In how many years Rs. 1,00,000 will become Rs. 1,33,100 at a compound interest rate of 10% per annum?

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Solution

Principal P = ₹ 1,00,000

Amount A = ₹ 1,33,100

Rate of interest R = 10% p.a.

A = P`(1 + "R"/100)^"T"`

∴ 133100 = 100000`(1 + 10/100)^"T"`

∴ `1331/1000 = (1 + 1/10)^"T" = (11/10)^"T"`

∴ `(11/10)^3 = (11/10)^"T"`

∴ T = 3 years

∴ ₹ 1,00,000 will become ₹ 1,33,100 after 3 years.

Concept: Simple and Compound Interest
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Balbharati Mathematics and Statistics 2 (Commerce) 11th Standard HSC Maharashtra State Board
Chapter 9 Commercial Mathematics
Exercise 9.3 | Q 6 | Page 130
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