Question

Find the time period during which a sum of 15,500 amounts to 19097.55 at 11% per annum
compounded annually​

Answer 1

Answer:

Step-by-step explanation:

nhi aata

Answer 2

The time period is 2 years

Given:

A sum of 15500 is amounts to 19097.55 at 11% per annum

compounded annually​

To find:

The time period

Solution:

Given Principal amount P = 15500

and rate of interest R = 11% per annum compounded annually

Let time period T = n

As we know the formula for total amount is given by

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

From above data,

⇒ A = 15500(1 + 11/100)ⁿ  

From given data the sum of 15500 is amounts to 19097.55

⇒ 15500(1 + 11/100)ⁿ = 19097.55

⇒ (1 + 11/100)ⁿ = 19097.55 / 15500

⇒  (111/100)ⁿ = 1.2321

⇒ (1.11)ⁿ = (1.11)²        [ (1.11)² = 1.2321  ]

⇒ n = 2

Therefore, the time period is 2 years

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