Question

amount =605 principal =500 rate=10% find time compoundly

Answer 1

Answer: 2months

Amt=principal+interest
=500+150
=650
10% rate of interest
10%in 500 =50
1st month interest =50
now interest can be shown on principal and 1st month interest =550(compound interest)
2nd month interest for 550(10%)=55
finally the amt for 2months =500+50+55=605

Answer 2

Information provided to us:

Principal, P = ₹ 500

Amount, A = ₹ 605

Rate of Interest, R = 10% p.a. compounded annually

We know,

A = P ( 1 + R/100) ^ T

Substituting the values provided to us,

605 = 500 ( 1 + 10/100 ) ^ T

605 / 500 = ( 1 + 1/10 ) ^ T

121 / 100 = ( 11 / 10 ) ^ T

( 11 / 10 ) ^ 2 = ( 11 / 10 ) ^ T

Hence we can conclude,

T = 2 years

Time = 2 years

In 2 years, ₹ 500 will amount to ₹ 605 at 10% p.a. compounded annually.