Question

In how many years ₹700 will amount to₹847at a compound interest rate of 10 p.c.p.a​

Answer 1

Given Principal Amount= P= 700

Rates of interest Per annum= i =10% p.a

Time= n = ?

Compounded amount= 847

We know that

Compound amount = P(1+i)^n

847 =700[ (1+10/100)^n

847 =700[(1 + 0.1)^n

847 =700[ (1.1)^n

847 / 700=(1.1)^n

1.21= (1.1)^n

we can write 1.21 as 1.1 ×1.1 =(1.1)^2

(1.1)^2= (1.1)^n

Bases are equal equate the powers

2 = n...it takes 2 years for 700 to become 847 at 10.%p.a

Answer 2

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