Question

In how many years will a sum of 4000 amount to 5290 at 15% per annum if the interest is compounded annually

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 : $A=P(1+r)^t$

$5290=4000(1+0.15)^t$

$\frac{5290}{4000}=1.15^t$

$1.3225=1.15^t$

$1.15^2=1.15^t$

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

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Answer 2

Step-by-step explanation:

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

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