Question

A sum of money increased by its 0.05 in every 6 months after how long time the annual compound interest on Rs 4000 will be Rs 1324 ?​

Answer 1

It takes $3\times 2=6\ years$ to get Rs. 1324.

Step-by-step explanation:

Since we have given that

Rate of interest = 5% half yearly

Sum = Rs. 4000

Interest = Rs. 1324

So, Amount would be

$4000+1324=5324$

According to question, we get that

$5324=4000(1+\dfrac{10}{100})^n\\\\\dfrac{5324}{4000}=(1+0.1)^n\\\\1.331=1.1^n\\\\1.1^3=1.1^n\\\\n=3$

Hence, it takes $3\times 2=6\ years$ to get Rs. 1324.

# learn more:

At what rate per cent will a sum of rs 4000 yield as rs 1324 as compound interest

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