Advertisement Remove all ads

In What Time Will Rs. 1500 Yield Rs. 496.50 as Compound Interest at 10% per Annum Compounded Annually? - Mathematics

In what time will Rs. 1500 yield Rs. 496.50 as compound interest at 10% per annum compounded annually?

Advertisement Remove all ads

Solution

Given P = Rs. 1500, I = 496.50, R = 10%

A = P+I

⇒ A =Rs. 1500+Rs. 496.50=Rs. 1996.50

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

`=> 1996.50 = 1500 (1 + 10/100)^n`

`=> 1996.50/1500 = (1 +1/10)^n`

`=> 1.331 = (1.1)^n`

`=> (1.1)^3 = (1.1)^n`

`=> n = 3`

Concept: Concept of Compound Interest - Use of Compound Interest in Computing Amount Over a Period of 2 Or 3-years
  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Advertisement Remove all ads
Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×