Question

Find the time period when rupees 6250 and amount of rupees 787 3.20 at 8% per annum compounded annually​

Answer 1

Step-by-step explanation:

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Q. 214.0( 24 Votes )

In how many years

Class 8thRS Aggarwal - Mathematics11. Compound Interest

Answer

Let time = n years

P = Rs.6250

A = Rs.7290

R = 8% per annum

Now,

Amount (A) = P (1 + R/100)n [Where, A = Amount with compound interest

P = Present value

R = Annual interest rate

n = Time in years]

∴ A = P (1 + R/100)n

⇒ 7290 = 6250 (1 + 8/100)n

⇒ (1 + 2/25)n = 7290/6250

⇒ (27/25)n = 729/625

⇒ (27/25)n = (27/25)2

⇒ n = 2

∴ Time = 2 years.

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