Question

In how many years will ₹8,000 amount to ₹9,261 at 5% per annum compound interest?​

Answer 1

Answer:

Solution: Rate of interest = 10% per annum = 5% per half –year. Time = 3/2 years = 3 half-years

Original principal = Rs 8000.

Interest\quad for\quad the\quad first\quad half\quad year = \frac { 8000\times 5\times 1 }{ 100 } =420

Interestforthefirsthalfyear=

100

8000×5×1

=420

. Amount at the end of the first half-year= Rs 8000 +Rs 400 =Rs8400

Principal for the second half-year =Rs 8400

Interest\quad for\quad the\quad second\quad half-year=\frac { 8400\times 5\times 1 }{ 100 } =420

Interestforthesecondhalf−year=

100

8400×5×1

=420

Amount at the end of the second half year = Rs 8400 +Rs 420 = Rs 8820

Interest \; for\; the\; third\; half \; year=\frac { 8820\times 5\times 1 }{ 100 } =Rs441

Interestforthethirdhalfyear=

100

8820×5×1

=Rs441

Amount at the end of third half year= Rs 8820+ Rs 441= Rs 9261. Therefore, compound interest= Rs 9261- Rs 8000= Rs 1261. Therefore,

compound\quad interest=Rs9261-Rs8000=Rs1261

compoundinterest=Rs9261−Rs8000= 260

Answer 2

Answer:

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