in fixed deposit, a bank gives 10% interest compounded annually for senior citizens. how many complete years will it take for a sum of money to be more than double
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Let P be 100, then Amount = Rs.200
formula for Compound Interest:
A = p(1+ r/100)^n
200 = 100 (1 + 10/100)^n
200 - 100 = (110 /100)^n
100 = (11 / 10 )^n
100 = (1.1)^n
taking log on both sides
log100 = n log1.1
2 = n x 0.0414
n = 2/0.0414
= 4.83
n = appr. 4years 8 months
formula for Compound Interest:
A = p(1+ r/100)^n
200 = 100 (1 + 10/100)^n
200 - 100 = (110 /100)^n
100 = (11 / 10 )^n
100 = (1.1)^n
taking log on both sides
log100 = n log1.1
2 = n x 0.0414
n = 2/0.0414
= 4.83
n = appr. 4years 8 months
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