Question

ih how much time in years an amount of ₹ 64000 will become₹68921 i rate of interest is 5% per annum compounded a half yearly

Answer 1

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The answer is 1
1/2 years..

Answer 2

Answer:

1.5 years

Step-by-step explanation:

Given in how much time in years an amount of ₹ 64000 will become₹68921 if rate of interest is 5% per anum compounded  half yearly.

P = 64,000, A = 68,921, R = 5 x 1/2 = 5/2% per half year, Time = 2n

We have the formula to calculate:

A = P(1 + r/100)^n

68921 = 64000(1 + 5/2 x 100)^2n

68921 / 64000 = (41 / 40)^2n

 (41 / 40) ^3 = (41 / 40)^2n

Since bases are same, exponents are equal.

 2 n = 3

 n = 3 / 2  or n = 1.5 years