Question

Find the time in which Rs. 5000 amounts to Rs. 7050 at 10% p.a compounded annually.​

Answer 1

Answer:

4 years is the right answer

Step-by-step explanation:

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Answer 2

Answer:

The time that would require for Rs. 5000 to Rs. 6655 at a rate of 10% per annum compounded annually is 3 years.

• The formula to find the compound interest is

• R Compound Interest = P(1+ 60)" – P 100

Compound interest =Rs. 6655 , Principal amount = Rs. 5000, rate of interest = 10%pa.

Substituting in the formula , we get

6655 = 5000(1 + 00" – 5000 100

6655 + 5000= 5000 (1.1)"

11655 = 5000 (1.1)"

(1.1)" = 11655 / 5000

(1.1)" = 2.331

(1.1)" = (1.1)3

On comparing both sides , we get

n = 3

. Therefore , the time period is 3

vears.