Question

compound interest on 4000 at 10%p.a.is 1856.40. find the time​

Answer 1

Answer:

4890.50

Step-by-step explanation:

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Answer 2

Concept:

The interest that is calculated using both the principal and the interest that has accrued during the previous period is called compound interest. It differs from simple interest in that the principal is not taken into account when determining the interest for the subsequent period with simple interest. Compound interest is commonly abbreviated C.I. in mathematics.

The majority of transactions in the banking and financial industries as well as other areas use compound interest. Some of its uses include:

population growth or decline.

the expansion of bacteria

Increase or decrease in an item's value.

CI=Amount-Principal

  =P(1+r/100)ⁿ -P

Given:

Compound interest on 4000 at 10%p.a.is 1856.40.

Find:

Find the time

Solution:

CI=Amount-Principal

  =P(1+r/100)ⁿ -P

As per question,

⇒1856.40=4000((1+r/100)ⁿ - 1)

⇒1856.40/4000 = (1+r/100)ⁿ -1

⇒0.4641+1= (1+r/100)ⁿ

⇒1.4641=(1.1)ⁿ

⇒n=4

Therefore time period is  4 years

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