In how many years will a sum of ₹4,000 amount to ₹ 5,290 at 15 °/• per annum if the interest is compounded annually ?
Answers
Answer(1):
A sum of 4000 amount to 5290 at 15% per annum if the interest is compounded annually in 2 years
Step-by-step explanation:
Principal = Rs.4000
Amount = Rs.5290
Rate of interest = 15%
Formula :
On comparing t = 2
Hence a sum of 4000 amount to 5290 at 15% per annum if the interest is compounded annually in 2 years
Answer(2):
A sum of 4000 amount to 5290 at 15% per annum if the interest is compounded annually in 2 years
Step-by-step explanation:
Principal = Rs.4000
Amount = Rs.5290
Rate of interest = 15%
Formula : A=P(1+r)^tA=P(1+r)
t
5290=4000(1+0.15)^t5290=4000(1+0.15)
t
\frac{5290}{4000}=1.15^t
4000
5290
=1.15
t
1.3225=1.15^t1.3225=1.15
t
1.15^2=1.15^t1.15
2
=1.15
t
On comparing t = 2
Hence a sum of 4000 amount to 5290 at 15% per annum if the interest is compounded annually in 2 years