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Maths-

General

Easy

Question

In what time will Rs1500 yield Rs1996.50 as compound interest at 10% per annum compounded annually?

hint Hint:

Use the formula of total amount to find the number of years.

The correct answer is: 3 years

Complete step by step solution:
We calculate the total amount by the formula $A equals P open parentheses 1 plus R over 100 close parentheses to the power of T$ …(i)
where P is Principal amount, T is number of years and R is rate of interest
Here, we have R = 10% ,P = 1500 , A = 1996.5 and T = ?
On substituting the known values in (i), we get $1996.5 equals 1500 open parentheses 1 plus 10 over 100 close parentheses to the power of T$
On dividing both the sides by 1500, we have $fraction numerator 1996.5 over denominator 1500 end fraction equals open parentheses 110 over 100 close parentheses to the power of T$
$not stretchy rightwards double arrow open parentheses 11 over 10 close parentheses cubed equals open parentheses 11 over 10 close parentheses to the power of T$
$rightwards double arrow$ T = 3 years
In 3 years will Rs 1500 yield Rs 1996.50 as compound interest at 10% per annum compounded annually.

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