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Question
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.
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