Question

Find the time in which ₹6000 amount to ₹8520at 7% per annum

Answer 1

Given : Rupees 6000 amount to rupees 8520 at 7% per annum.
To find : The time ?
Solution :
Using compound interest formula,

Where, A=Rs.8520 is the amount  
P=Rs.6000 is the principal
r is the interest rate r=7%=0.07
t is the time
Substitute the value,



Taking log both side,



Therefore, the time is approx 5 years.

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