Question

Find the time, in years, in which Rs 4000 will produce ₹630-50 as compound interest at 5% p.a. interest being compounded annually.​

Answer 1

Answer:

3 years

Step-by-step explanation:

CI=Rs.630.50,P=Rs.4000,R=5%,T=?

A=P+CI=P(1+R/100)^T

4000+630.50=4000(1+5/100)^T

4630.50=4000(1+5/100)^T

(1+1/20)^T=1.157625

(1.05)^T=1.157625

(1.05)^T =(1.05)^3

T=3 years

Hope it helps