Question

A fixed deposit of Rs. 50,000 in a bank earns an interest of rs. 7,245 @7% compounded annually. what is the time period of the deposit ?

Answer 1

The time period of the deposit is "2 years".

Step-by-step explanation:

Given,

Principle(P) = Rs. 50,000, Compound interest(CI) = Rs. 7,245 and rate = 7 %

To find, time(n) = ?

∴ Amount(A) = Principle(P) + Compound interest(CI)

= Rs. 50,000 + Rs. 7,245 = Rs. 57,245

Amount(A) = $P(1+\dfrac{r}{100} )^{n}$

⇒$57,245= 50,000(1+\dfrac{7}{100} )^{n}$

⇒$\dfrac{57,245}{50,000} = (\dfrac{107}{100} )^{n}$

⇒$1.114 =(1.07)^{n}$

⇒ $(1.07)^{2} =(1.07)^{n}$

∴ n = 2 years

Hence, the time period of the deposit is "2 years".

Answer 2

time period of the deposit  = 2 Years   if A fixed deposit of Rs. 50,000 in a bank earns an interest of rs. 7,245 @7% compounded annually

Step-by-step explanation:

A fixed deposit of Rs. 50,000

earns an interest of rs. 7,245

Let say time period = n years

Amount  after n Years = 50000 + 7245 = 57245  Rs

A =57245  

P = 50000

R = 7%

n = ?

A  = P (1 + R/100)ⁿ

=> 57245 = 50000(1 + 7/100)ⁿ

=> 57245/50000 = 1.07ⁿ

=> 1.1449 =  1.07ⁿ

=> (1.07)² =  1.07ⁿ

=> n = 2

time period of the deposit  = 2 Years

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