after what time will ₹5000 yield ₹624.32 as compound interest at 4% p.a. compounded annually
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Class 11
>>Applied Mathematics
>>Basics of financial mathematics
>>Accumulation with simple and compound interest
>>In what time will Rs, 1,500 yield Rs. 49
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In what time will Rs, 1,500 yield Rs. 496.50 as compound interest at 10% per year compounded annually?
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Correct option is A)
P=Rs1,500
C.I.=Rs496.50
A=P+C.I.=1,500+496.50=Rs1996.50
On interest being compounded for N years,
Amount=P(1+
100
R
)
N
1996.50=1,500×(1+
100
10
)
N
1,500
1996.50
=(
10
11
)
N
1000
1331
=(
10
11
)
N
10
3
11
3
=(
10
11
)
N
=>N=3 years
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