Question

Find the period.
Principal = 9300=9300equals, 9300 rupees
Annual rate of interest = 13 \%=13%equals, 13, percent
Total amount = 17{,}763=17,763equals, 17, comma, 763 rupees

Answer 1

The period is 5 years.

Step-by-step explanation:

Using compound interest formula,

$A=P(1+r)^t$

Where, A is the amount A=Rs. 17,763

P is the principal P=Rs.9300

r is the interest rate r=13%=0.13

t is the time period

Substitute the value in the formula,

$17763=9300(1+0.13)^t$

$\frac{17763}{9300}=(1.13)^t$

(1.13)^t=1.91

Taking log both side,

$t\log (1.13)=\log (1.91)$

$t=\frac{\log (1.91)}{\log (1.13)}$

$t=5.2$

Therefore, approximately the period is 5 years.

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