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Question
The time period in which the sum of money ₹ 12000 becomes ₹ 15870 at the rate of 15% per annum compounded annually is ______.
Options
6 months
1 year
`1 1/2` year
2 years
MCQ
Fill in the Blanks
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Solution
The time period in which the sum of money ₹ 12000 becomes ₹ 15870 at the rate of 15% per annum compounded annually is 2 years.
Explanation:
Given:
- P = 12000,
- A = 15870,
- r = 15%,
- Find (n).
Calculate:
`12000(1 + 15/100)^n = 15870`
⇒ `(115/100)^n = 15870/12000`
⇒ `(115/100)^n = 1.3225`
We know, `(115/100)^2 = 1.3225`
Therefore, n = 2 years.
Hence, the sum becomes ₹ 15870 in 2 years at 15% per annum compounded annually.
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