Question

In how many years will ₹ 7,000 amount to ₹ 9,317 at 10 per cent per annum compound interest ?​

Answer 1

Answer:

P = Rs 7,000, A = Rs 9,317 and r = 10%

A=P(1+100r)n

⇒9,317=7,000(1+100r)n

⇒7,0009,317=(1011)n

⇒10001,331=(1011)n

⇒(1011)3=(1011)n

On comparing

n = 3 years