Question

21. In how many years will 6250 amount to 7290 at 8% per annum, compounded annually?​

Answer 1

➤ Given :-

Principal (P) :- Rs 6250

Total amount :- Rs 7290

Rate of interest (R) :- 8%

➤ To Find :-

Total years of the given statement.........

➤ Formula :-

${\orange {\bf {\underline {\underline {SI×100÷P×R}}}}}$

➤ Solution :-

Simple interest :-

Total amount - Principal

7290 - 6250

1040....

Now,

Total years :-

$⇢ \sf time = \frac{SI\times 100}{P \times R}$

$⇢ \sf \frac{1040 \times 100}{6250 \times 8}$

$⇢ \sf \frac{104000}{50000} = \frac{208}{100} = 2.08$

$\Huge\therefore$The time taken is 2.08 years.