Question

at what time 5600 amounts to 6174 at the rate of 5% per annum compounded yearly

Answer 1

Answer:

P = ₹5600

A = ₹6174

R = 5%

n = ?

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

6174 = 5600(1+5/100)^n

6174/5600 = (21/20)^n

441/400 = (21/20)^n

(21/20)^2 = (21/20)^n

n = 2 years

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Step-by-step explanation:

Answer 2

Given,

In a compound interest;

Principal amount = Rs. 5600

Final amount = Rs. 6174

Rate of interest = 5% per annum

To find,

Time period of the compound interest.

Solution,

We can simply solve this mathematical problem using the following process:

Let us assume that the total time period of the given compound interest is n years.

Mathematically,

If P is the principal amount invested at R% per annum, for n years, then;

Final amount = P [1 + R/100]^n

Now, according to the question;

The final amount of the compound interest = Rs. 6174

=> P [1 + R/100]^n = 6174

=> 5600 x [1 + 5/100]^n = 6174

=> [1 + 1/20]^n = 6174/5600 = 110.25/100

=> (21/20)^n = 441/400

=> (21/20)^n = (21/20)^2

=> n = 2 years

Hence, the total time period of the given compound interest is 2 years.