Advertisements
Advertisements
Question
The compound interest on Rs. 30000 at 7% p.a. is Rs. 4347. What is the period in years?
Advertisements
Solution
Given that,
Principal (P) = ₹ 30,000
Rate of interest (R) = 7% p.a.
Compound interest = ₹ 4,347
Amount after compound interest
A = P`(1 + "R"/100)^"T"` and
I = A - P
∴ 4,347 = 30,000`(1 + 7/100)^"T" - 30,000`
= 30,000[(1.07)T - 1]
∴ 4,347 = 30,000[(1.07)T - 1]
∴ (1.07)T = `4347/30000 + 1`
= `1449/10000 + 1`
= `11449/10000`
= `(107/100)^2`
= (1.07)2
∴ T = 2
∴ Amount is invested for 2 years.
APPEARS IN
RELATED QUESTIONS
A sum amounts to Rs. 9680 in 2 years and to Rs. 10648 in 3 years respectively at compound interest. What will be the amount of the same sum `1 2/5` is invested for years at the same rate of compound interest?
Kirti took a loan of ₹800 at a rate of 11% per year for 7 months. After seven months she has to pay
Mr. Thomas invested an amount of ₹13900 divided in two different Schemes A and B at the simple interest rate of 14% per annum and 11% per annum, respectively. If the total amount of simple interest earned in 2 yr be ₹3508, what was the amount invested in Scheme B?
An automobile financier claims to be lending money at simple interest, but he includes the interest every six months for calculating the principal. If he is charging an interest of 10%. the effective rate of interest becomes
The difference between compound interest and simple interest on an amount of ₹15000 for 2 years is ₹96. What is the rate of interest per annum?
A sum of money at simple interest amounts to ₹815 in 3 years and to ₹854 in 4 years. The sum is
A certain sum is lent at x % per annum simple interest for 2 years. Instead, if the amount was lent at 2x% per annum simple interest for y more years, then the interest would have been five times the earlier interest. What is the value of y?
The least number of complete years in which a sum of money put out at 20% compound interest will be more than double is
Albert invested an amount of ₹ 8000 in a fixed deposit scheme for 2 years at a compound interest rate of 5% per annum. How much amount will Albert get on the maturity of the fixed deposit?
What would be the simple interest on Rs. 8400 in 9 months at the rate of 8.25 percent per annum?
A certain sum of money becomes three times itself in 20 years at simple interest. In how many years does it become double of itself at the same rate of simple interest?
The compound interest on Rs. 30,000 at 7% per annum is Rs. 4347. The period (in years) is:
The difference between compound interest and simple interest on a sum for 2 years at 8 per cent is ₹ 768. The sum is
What will be the compound interest on a sum of ₹22,500 at the rate of 16% per annum for 1 year, when interest is compounded half yearly?
Anil Invested an amount for three years at a simple interest rate of 9 p.c.p.a. He got an amount of ₹19,050 at the end of the years. What principal amount did he invest?
If x, y, z are three sums of money such that y is the simple interest on x and z is the simple interest on y for the same time and at the same rate of interest, then we have-
The simple interest accrued in 2 years on a principal of ₹24000 is one-eighth of the principal. What is the rate of simple interest p.c.p.a.?
